---

         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, September 25, 2020, Vol. 24, No. 268

                            Headlines

143 SCHOOL & 58 BRUCE AVE.: 2 Apartment Buildings File Chapter 11
ALLEN MEDIA: Moody's Affirms B2 CFR, Outlook Stable
AMERICAN RESIDENTIAL: Moody's Assigns B2 CFR, Outlook Stable
ASCENA RETAIL: Will Look Different When It Exits Chapter 11
AUTODESK INC: Egan-Jones Hikes Sr. Unsec. Ratings to BB+

AVIANCA HOLDINGS: Paid Execs $7M Retention Bonuses Before Ch. 11
BAYSIDE WASTE: Plan Exclusivity Period Extended Thru Nov. 9
BLACKJEWEL: $50M Royalty Payments Owed to U.S. Still Unpaid
CALIFORNIA PIZZA: 2nd Lien Lenders, Unsecureds Now Back Plan
CAMPBELL SOUP: Egan-Jones Hikes Senior Unsecured Ratings to BB+

CANADA GOOSE: Moody's Assigns B1 CFR, Outlook Stable
CARVANA CO: Prices Upsized Senior Notes Offering
CENTENE CORP: Fitch Rates Senior Unsecured Notes 'BB+'
CENTENE CORP: Moody's Rates Planned $2.2-Bil. Unsecured Notes 'Ba1'
CITIUS PHARMACEUTICALS: Achieves Milestones for Mino-Lok

CREME DE LA CREME: Case Summary & 9 Unsecured Creditors
DAVE & BUSTER'S: To Cut 107 NJ Jobs as Part of Ch. 11 Filing
DIAMOND OFFSHORE: Wants to Move Plan Exclusivity Thru Dec. 22
DIESEL REALTY: Voluntary Chapter 11 Case Summary
EFS COGEN I: Moody's Affirms Ba3 on Proposed Secured Term Loan

ENERGY ALLOYS: U.S. Trustee Appoints Creditors' Committee
Environmental Considerations of Companies Planning to File Ch. 11
EXIDE TECHNOLOGIES: Former CEO Challenges Bankruptcy Plan
FIELDWOOD ENERGY: S&P Assigns 'BB-' Rating to $100MM DIP Facility
FIRST QUANTUM: Fitch Rates $1.5BB Unsecured Notes Due 2027 'B-'

FRONTERA GENERATION: S&P Cuts Debt Rating to CCC on Liquidity Risk
FTS INTERNATIONAL: Files for Chapter 11 With Prepackaged Plan
FTS INTERNATIONAL: Moody's Cuts PDR to D-PD on Bankruptcy Filing
GALILEO LEARNING: Asks Court for Dec. 2 Plan Exclusivity Extension
GARRETT MOTION: Bondholders Discuss Alternative Financing

GCI LLC: Moody's Rates New $600MM Senior Unsecured Notes 'B3'
GENOCEA BIOSCIENCES: FDA Accepts GEN-011 IND Application
GKS CORP: U.S. Trustee Appoints New Committee Member
GLOBAL MEDICAL: Moody's Cuts Senior Secured Debt Rating to B2
GLOBAL PARTNERS: Moody's Alters Outlook on B1 CFR to Stable

GNC HOLDINGS: Settles Asset Sale With Creditors
GREEN GROUP: Seeks Approval to Hire Spiegel LLC as Accountant
GROUPE DYNAMITE: Files for Bankruptcy Protection Under CCAA
HAYWARD INDUSTRIES: S&P Alters Outlook to Stable, Affirms 'B' ICR
HERALD HOTEL: Martinique NY Operator Files for Chapter 11

HERMATITE HOLDINGS: Court OKs Ch. 15 Plan to Tap $6M DIP Funds
HERMITAGE OFFSHORE: NYSE Immediately Suspends Trading
HERTZ CORP: Asks Court's Approval to Sell Franchise Territories
HI-CRUSH INC: Plan to Shed $450M Debt Confirmed by Judge
HOVNANIAN ENTERPRISES: Egan-Jones Hikes Sr. Unsec. Ratings to CCC

HUDSON'S BAY: Egan-Jones Withdraws CCC Senior Unsecured Ratings
HUSCH & HUSCH: Wants Solicitation Deadline Moved Thru Nov. 14
IMPRESA HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
INTERNATIONAL GAME: S&P Affirms 'BB' ICR; Outlook Negative
IT'SUGAR LLC: BBX's Candy Retail Unit Files for Chapter 11

J.C. PENNEY: Equity Is Worth $3.2-Bil., Shareholders' Advisers Say
KIMBLE DEVELOPMENT: Gets Interim OK to Hire Legal Counsel
LA FITNESS: Works With Paul Hastings Ahead of Debt Talks
LI GROUP: Moody's Affirms B2 CFR, Outlook Stable
LIVEXLIVE MEDIA: All 3 Proposals Passed at Annual Meeting

LSC COMMUNICATIONS: Needs Additional Time to End Sale Objections
MARIANINA OIL: Case Summary & 3 Unsecured Creditors
MEXTEX OPERATING: Taps Santoyo Wehmeyer as Special Counsel
MILLS FORESTRY: Plan Exclusivity Extended Thru Nov. 5
MOONCHERRY CORP: Seeks to Hire Joyce W. Lindauer as Legal Counsel

NICHOLS EXECUTIVE: Seeks to Hire A.O.E. Law as Bankruptcy Counsel
NORDSTROM INC: Egan-Jones Cuts Sr. Unsecured Ratings to B
OBALON THERAPEUTICS: Stockholders Elect Three Directors
OMNIQ CORP: Awarded $1.8M Project from Metal Solutions Provider
ORIGINCLEAR INC: Signs Exchange Agreement with Preferred Holders

PG&E CORPORATION: Gibson, Dunn 2nd Update on Trade Committee
PHOENIX GUARANTOR: Moody's Rates New Senior Secured Loans 'B1'
PLAQUEMINES BAYOU: Gets Interim OK to Hire Legal Counsel
PREMIUM HEALTH: Seeks Court Approval to Hire Bankruptcy Attorney
PREMIUM HEALTH: Seeks Court Approval to Hire Bankruptcy Attorney

PREMIUM MENTAL: Seeks Court Approval to Hire Bankruptcy Attorney
PROFESSIONAL FINANCIAL: Committee Taps Pachulski Stang as Counsel
PROFESSIONAL FINANCIAL: Seeks Approval to Hire Independent Director
PROJECT RUBY: Moody's Affirms B3 CFR, Outlook Stable
RAINBOW LAND: Seeks Approval to Hire Real Estate Appraiser

RAMARAMA INC: Seeks Approval to Tap Sasser Law Firm as Counsel
RED VENTURES: Moody's Rates New $400MM Incremental Term Loan 'B1'
REVINT INTERMEDIATE: S&P Assigns B- ICR on Triage Consulting Deal
ROCK CHURCH: Seeks Approval to Hire Bridget Boling as Broker
RUBIE'S COSTUME: Pushes for Sale to Lone Bidder

SIMPLE SITEWORK: Hearing Today on Final Bid to Use Cash Collateral
SIMPLE SITEWORK: Seeks Approval to Hire Bankruptcy Attorney
SIRINE LLC: Seeks Court Approval to Hire Accountant
SPEEDCAST INT'L: Court Grants Shorter Plan Exclusivity Extension
STAMATINA HOLDINGS: Seeks to Hire Pronske & Kathman as Counsel

STAR MOUNTAIN: Gallagher, Haynes Represent Aviano, 3 Others
STEIN MART: Achieves Profit During 17 Days After Bankruptcy Filing
STONEWOOD LUXURY: Case Summary & 9 Unsecured Creditors
SVP HOLDINGS: S&P Assigns B- Issuer Credit Rating; Outlook Stable
TIVO SOLUTIONS: Egan-Jones Withdraws CCC+ Senior Unsecured Ratings

TJ HOLDINGS: Seeks Approval to Hire Peter M. Daigle as Counsel
TOLL BROTHERS: Egan-Jones Hikes Senior Unsecured Ratings to BB
TOPAZ SOLAR: S&P Affirms 'BB' Notes Rating, Alters Outlook to Neg.
TRIDENT BRANDS: Chief Operating Officer Steps Down
TUESDAY MORNING: Re-Opens Sioux Falls Store as It Undergoes Ch. 11

UNITI GROUP: Settlement of Windstream Litigation Takes Effect
UP ENERGY: S&P Assigns 'B-' ICR After Bankruptcy Exit
VALARIS PLC: Porter, Kramer Represent Noteholder Group
VALLEY FARM: Seeks Approval to Hire Restructuring Consultant
VALLEY FARM: Seeks Approval to Tap Beall & Burkhardt as Counsel

VALLEY FARM: Seeks to Hire McDermott & Apkarian as Accountant
WC 1ST: Seeks to Tap Columbia Consulting as Financial Advisor
WC 3RD: Seeks to Tap Columbia Consulting as Financial Advisor
WINDSTREAM HOLDINGS: Uniti Pays $490.1M Settlement After Bankruptcy
YUMA ENERGY: Taps Hayward & Associates as Bankruptcy Counsel

[*] Fresh-Start Accounting to Improve the Post-Bankruptcy Odds
[*] Restaurant Chains Which Filed Ch. 11 & Close to Disappearing
[^] BOOK REVIEW: Mentor X

                            *********

143 SCHOOL & 58 BRUCE AVE.: 2 Apartment Buildings File Chapter 11
-----------------------------------------------------------------
Bill Heltzel of Westfair Online reports that a Pleasantville, New
York landlord has filed for Chapter 11 bankruptcy protection to
maintain control of two Yonkers apartment buildings he was ordered
to sell four years ago.

Steve Edlund's 58 Bruce Avenue Corp. and 143 School Street Realty
Corp. filed the petitions Sept. 10, 2020 in U.S. Bankruptcy Court
in White Plains, New York.

He claims that Gary Dove of Staten Island, who won a Westchester
Supreme Court judgment in 2016, is trying to force him to transfer
the properties at below-market value. Thus, he needs "the breathing
room afforded by Chapter 11 to enable ... sufficient time to sell
the properties at fair market value."

The 58 Bruce Ave. property is worth $1.1 million, according to
Edlund, and 143 School St. is worth $555,000, for a total of
$1,655,000.

In 2016, Dove agreed to buy the properties for $2,115,000,
according to a lawsuit he filed that year, and he made down
payments totaling $211,500.

But when it came time to close the deals, Edlund didn't show up,
and attempts to reschedule the closings also failed.

Edlund was trying to kill the deal, according to Dove's complaint,
"in order to obtain a higher purchase price."

Edlund did not respond to Dove's complaint and Justice Charles Wood
issued a default judgment against him. The sales contracts would
have to be performed, he ruled, or the real estate corporations
would have to pay damages to Dove.

Edlund challenged the ruling, claiming that he was unable to answer
the complaint because from 2012 to 2016 he was dealing with the
deaths of his father and mother and helping his daughter with
wedding plans.

"He has failed to offer a legally cognizable excuse for failing to
timely answer the summons and complaint," Westchester Justice
Lawrence J. Ecker ruled in 2017.

Edlund appealed that decision and lost again last year.

On Sept. 9, 2020, Dove asked the county court to appoint a receiver
to manage the apartment buildings and carry out the court's
judgment.

Instead of complying with the judgment, Dove stated in an
affidavit, Edlund's corporations have "engaged in a campaign of
unsuccessful post-judgment motions and appeals designed to delay
and prolong this matter."

Meanwhile, he claims, conditions of the buildings have declined
significantly.

The bankruptcy petitions were filed the following day.

Edlund owes Dove $338,000 on each property, according to bankruptcy
records, and he owes Chase bank a total of $774,000 on the
mortgages.

"The sale of one or both of the properties," he claims, "will
generate sufficient funds" to pay Dove.

Dove is represented in the county court case by Brooklyn attorney
Joseph J. Schwartz.

                    About 58 Bruce Avenue Corp.  
                        and 143 School Street

58 Bruce Avenue Corp., and 143 School Street Realty Corp., each a
Single Asset Real Estate under 11 U.S.C. Section 101(51B)), sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 20-23033 and
20-23034) on Sept. 10, 2020.  The petitions were signed by Steve
Edlund, president.  The Debtors were each estimated to have $1
million to $10 million in assets and liabilities.  M. CABRERA &
ASSOCIATES, PC, led by Matthew Cabrera, is the Debtors' counsel.


ALLEN MEDIA: Moody's Affirms B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed Allen Media, LLC's B2 Corporate
Family Rating, B2-PD Probability of Default Rating, Ba3 Senior
Secured Credit Facility Rating and Caa1 Senior Unsecured debt
rating. The outlook is stable.

Affirmations:

Issuer: Allen Media, LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD3) from
(LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

Outlook Actions:

Issuer: Allen Media, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Allen Media, LLC's B2 CFR is constrained by moderate governance
risk related to aggressive financial policies and the founder and
CEO's full ownership and control of the business. The owner is
pursuing an aggressive debt-financed growth strategy through M&A,
and tolerates high leverage that is currently above its 5.75x
tolerance for the rating (Moody's adjusted). Dividends and
investments outside the restricted group are also not uncommon,
which can reduce the financial flexibility and liquidity profile of
the Company. The credit agreement permits incremental leverage,
asset transfers/collateral leakage, and the release of guarantees,
subject to certain limitations. The profile is also constrained by
its small scale, exposure to cyclicality with political advertising
rising and falling every other year, and the persistent secular
decline in linear-pay-TV which is losing video subscribers at a
high rate.

Supporting the credit profile are a diverse group of media
properties, including the Weather Channel, fifteen highly ranked
"Big 4" affiliate broadcast television stations in 11 markets, and
7 cable networks of Entertainment Studio programming. The company's
programming reaches over 150 million cumulative subscribers. The
content produces advertising (political, core, and digital),
recurring/long-term contracted (broadcast) retransmission fees and
(cable net) affiliate fees. Allen Media also benefits from an
asset-lite business model, which produce good margins and positive
free cash flows. Also supporting the credit profile are social
factors, primarily societal changes that are driving positive
developments in operating performance. In particular, the Company
has gained distribution and a greater share of the advertising
spend as a result of being a minority-owned media company.

The company has good liquidity, supported by cash and positive
internal cash flows, covenant-lite loans, and a very favorable
maturity profile. Additionally, with only a partially secured
capital structure and relatively divisible assets, Moody's believes
some alternate liquidity could be generated by the sale of assets.

Moody's instrument ratings reflect the probability of default of
the company (as reflected in the B2-PD Probability of Default
rating) and an average recovery of approximately 50% in its assumed
default scenario, in the aggregate, across all creditors given the
mixed capital structure with both senior and junior claim
priorities. The first lien senior secured credit facilities are
rated Ba3 (LGD3), two notches above the B2 CFR given the losses
expected to be absorbed by junior capital. The unsecured notes are
rate Caa1 given its subordination in the capital structure. A
further material increase in the proportion of secured debt in the
capital structure could pressure the ratings on the senior secured
credit facility.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Allen Media experienced a significant deterioration in operating
performance in the second quarter of the year, due primarily to the
impact of COVID-19. However, Moody's expects significant
improvement in operating performance over the next several quarters
as the economy recovers from the pandemic and the company benefits
from broader distribution of its programming.

Coupled with incremental debt issuance, the company's leverage
ratio has risen above its rating tolerance. However, Moody's
expects a number of favorable developments related to new
distribution agreements and increased share of advertising spend as
a result of being a minority-owned media company. The contribution
of recent acquisitions and the benefits of scale are also driving
higher operating leverage. Through organic EBITDA growth and
voluntary debt repayment, Moody's expects leverage to return inside
its tolerances over the next 12-18 months.

The stable rating outlook reflects Moody's expectations that
revenues will average near $550 million over the next 12-18 months.
Moody's assumes EBITDA margins will range between 35% to 45%.
Moody's projects leverage will fall inside its tolerances before
year end 2022. Free cash flows to debt (averaging $1 billion) will
rise near 10%. Moody's also expects the Company to maintain good
liquidity. All figures are Moody's adjusted, unless otherwise
noted.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's would consider positive rating action if revenues and
profitability grow, leverage (Moody's adjusted total gross debt /
2-year average EBITDA) is sustained below 4.0x, Moody's adjusted
2-year FCF / total gross debt) is sustained in the high single
digits and the company demonstrates a track record and a commitment
to more conservative financial policies.

Moody's would consider a negative rating action if leverage
(Moody's adjusted total gross debt / 2-year average EBITDA) is
sustained above 5.75x, or free cash flow to debt (Moody's adjusted
2-year FCF / total gross debt) falls below 2.5%. Moody's would also
consider a negative rating action if financial policy turned more
aggressive, liquidity deteriorated, or operating performance
weakened materially on a sustained basis.

The principal methodology used in these ratings was Media Industry
published in June 2017.

Allen Media, LLC is a minority-owned, privately-held diversified
media company that owns and operates The Weather Channel, a leading
news channel for the past 38 years, seven additional 24-hour
high-definition television networks and fifteen highly ranked Big 4
broadcast television stations, in 11 markets. The Company provides
local weather, news and sports content with Emmy Award-winning and
nominated shows that reach over 150 million subscribers. It
produced approximately 5,000 hours of live weather programming and
over 360 hours of weekly local news in 2019; distribute sports,
primetime and entertainment content across broadcast television
markets through its affiliations with ABC, CBS, FOX and NBC
networks (collectively, the "Big Four" networks); and own over
4,000 hours of original programming across multiple genres through
Entertainment Studios, its television production and distribution
business which produces and distributes 41 television programs
including seven HD cable networks - Cars.TV, Comedy.TV, ES.TV,
Justice Central.TV, Recipe.TV, MyDestination.TV, and Pets.TV).


AMERICAN RESIDENTIAL: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to American Residential
Services L.L.C. (New) and a B1 rating to the company's proposed
first lien senior secured bank credit facility. The outlook is
stable.

The credit facility, consisting of a $470 million first lien term
loan and $75 million revolver, along with a $130 million second
lien term loan (not rated), will be used to fund the purchase of
the equity of American Residential Services L.L.C. and repay all
outstanding debt. Existing private equity sponsor, Charlesbank
Capital Partners, entered into a definitive agreement to sell 55%
of American Residential Services to GI Partners and will retain a
45% ownership stake. The current ratings of American Residential
Services L.L.C. will be withdrawn at the close of the transaction.

The assignment of the B2 Corporate Family Rating reflects the
company's high leverage following the transaction. Moody's
estimates that leverage will be approximately 6.5 times by the end
of 2020. However, Moody's expects credit metrics to improve as the
company realizes benefits of recent cost reduction initiatives.

The B1 rating on the first lien revolver and term loan reflect the
benefit of loss absorption provided by a meaningful amount of
second lien term debt.

The following rating actions were taken:

Assignments:

Issuer: American Residential Services L.L.C. (New)

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

$75 million 1st Lien Revolving Credit Facility due 2025; assigned
B1 (LGD3)

$470 million 1st Lien Term Loan due 2027; assigned B1 (LGD3)

Outlook Actions:

Issuer: American Residential Services L.L.C. (New)

Outlook, Assigned Stable

RATINGS RATIONALE

American Residential Services L.L.C. (New)'s B2 Corporate Family
Rating reflects the company's high leverage, integration risk
associated with its growth through acquisition strategy, presence
in a fragmented market with intense competition, and industry
seasonality. The rating also reflects the company's scale that
provides efficient access to the supply chain, geographic
diversity, and the non-discretionary nature of its services.

The rating also incorporates Moody's consideration of governance
risks associated with the private equity ownership of the company
and the lack of an independent board. Further, Moody's views the
initial financial policies as aggressive given the high pro forma
leverage and the expectation that the company will continue to have
an active acquisition strategy.

The stable outlook reflects Moody's expectation that the company
will grow organically and through acquisitions in a disciplined
manner. Moody's also expects the company to improve its operating
margin through cost controls and maintain a good liquidity
profile.

Moody's expects the company to have a good liquidity profile over
the next 12 to 18 months characterized by availability under the
proposed $75 million revolving credit facility. Moody's also
expects that the company will generate free cash that will be
available to repay any seasonal revolver borrowings. Covenants are
expected to include a springing net leverage covenant applicable to
the revolver. There are no maintenance financial covenants on the
term loan. Moody's doesn't expect the company to trigger the test
of the covnant on the revolver.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

FACTORS THAT COULD LEAD TO A DOWNGRADE

  -- A decline in revenues and EBITA margins

  -- Failure to reduce debt from the pro forma 2020 level of 6.5x
or improve EBITA to interest to exceed 2.0x.

  -- A weakening of liquidity

  -- More aggressive financial policies, including debt funded
acquisitions and / or shareholder distributions.

FACTORS THAT COULD LEAD TO AN UPGRADE

  -- An increase of EBITA margins to 15% or greater

  -- Sustained debt to EBITDA of 5.0x or lower

  -- Sustained retained cash flow to net debt near 15%

  -- Maintenance of good liquidity

American Residential Services L.L.C., headquartered in Memphis,
Tennessee, is one of the largest providers of HVAC, plumbing,
sewer, drain cleaning, and energy efficiency services in the United
States. The company serves both residential and commercial
customers through a network of 71 service center locations in 23
states. Charlesbank Limited Partnership bought a majority of the
equity interests in ARS in April 2014 and as a result of the
proposed transaction will own a 45% stake with GI Partners owning
the remaining 55% (pre-management and existing lender investment).
In the last twelve months ended June 30, 2020, the company
generated over $1 billion in revenue.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


ASCENA RETAIL: Will Look Different When It Exits Chapter 11
-----------------------------------------------------------
Samantha McDonald of Footwear News reports that Ascena Retail Group
Inc. is set to emerge from bankruptcy with significantly reduced
debt and a smaller brick-and-mortar fleet.

On Monday, September 21, 2020, the Ann Taylor and Loft parent
announced that a judge in the United States Bankruptcy Court for
the Eastern District of Virginia accepted its disclosure statement,
which includes a summary of its operations as well as its plan of
reorganization.

With the approval, Ascena expects to exit Chapter 11 proceedings
with $1 billion in debt relief. (Loans will be converted into
equity in the company, which will be turned over to lenders.)
According to the retailer, the plan has the support of 95% of its
secured term lenders, with a hearing to consider its confirmation
currently scheduled for Oct. 23, 2020.

What's more, the company -- which also owns the Loft, Lou & Grey
and Justice brands -- received authorization for
debtor-in-possession financing composed of a $400 million
asset-based lending facility and a roughly $312 million term loan,
which includes $150 million in new money.

In a statement, CEO Gary Muto said that the court's decision
represents "noteworthy progress toward emerging from Chapter 11 and
positioning Ascena for long-term success." He added that the
retailer is in the "final stages" of store closures across brands,
which is expected to reduce its overall footprint to approximately
1,300 locations, from about 2,800 pre-COVID-19. (The company is
also continuing rent discussions with landlords for stores that
will remain in operation.)

"We believe these actions will enable us to strategically invest in
the business and generate sustainable, profitable growth once we
emerge from the Chapter 11 process," Muto added. "I would like to
thank our associates for all of their efforts in recent months as
we have not only executed on our restructuring plan but have also
addressed the challenges of meeting our customers' needs through
the pandemic. All that we have achieved would not have been
possible without our talented team."

Two months ago, Ascena filed for Chapter 11 protection as its
business experienced severe disruptions stemming from the
coronavirus pandemic. Amid government-mandated lockdowns, the
retail group was forced to temporarily shutter nearly its entire
fleet starting in mid-March 2020. It implemented furloughs, reduced
base salaries, cut back on advertising expenses, extended vendor
payment terms and withheld rent payments in an attempt to preserve
capital.

Last week, the company announced that it was selling its Catherines
brand for more than double what it was initially offered. In a
court filing, Ascena said that it was proffered a winning bid of
$40.8 million from FullBeauty Brands Operations LLC for the
plus-size chain.

                    About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty
retailer offering apparel, shoes, and accessories for women under
the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice). Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico. Visit
http://www.ascenaretail.com/for more information.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113). As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Hon. Kevin R. Huennekens is the case judge.

The Debtors tapped Kirkland & Ellis LLP and Cooley LLP as
bankruptcy counsel, Guggenheim Securities, LLC as financial
Advisor, and Alvarez and Marsal North America, LLC as restructuring
advisor.  Prime Clerk, LLC is the claims agent.


AUTODESK INC: Egan-Jones Hikes Sr. Unsec. Ratings to BB+
--------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Autodesk Incorporated to BB+ from BB.

Headquartered in San Rafael, California, Autodesk Incorporated
supplies PC software and multimedia tools.


AVIANCA HOLDINGS: Paid Execs $7M Retention Bonuses Before Ch. 11
----------------------------------------------------------------
Giulia Camillo of Bloomberg Law reports that Avianca holdings made
payments of about $7 million to some executives prior to its
Chapter 11 filing, which were related with 2019 obligations and
retention plans.  The Company said retention plans were approved by
the board prior to filing for Chapter 11, as an incentive for the
management team to stay throughout the process.

According to Channel News Asia, the airline paid Chief Executive
Anco van der Werff US$3.7 million and paid Chief Financial Officer
Adrian Neuhauser US$2.8 million on May 6.  Five days later, the
airline filed for Chapter 11 bankruptcy protection in the US.

"Avianca is facing the most challenging crisis in our 100-year
history," van der Werff said at the time of the filing.

                         About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Avianca has been flying
uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta,
Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S.
as restructuring counsel; Smith Gambrell and Russell, LLP as
aviation counsel; Seabury Securities LLC as financial restructuring
advisor and investment banker; FTI Consulting, Inc. as financial
restructuring advisor; and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtor's bankruptcy cases on May 22, 2020.


BAYSIDE WASTE: Plan Exclusivity Period Extended Thru Nov. 9
-----------------------------------------------------------
Chief Judge Catherine Peek McEwen granted Bayside Waste Services,
LLC's request for extension of its exclusive period to file a
Chapter 11 plan and disclosure statement, and related exclusivity
deadlines through November 9, 2020.

The Debtor said it needs additional time to prepare its disclosure
statement and plan. The Debtor has been attempting to finalize an
asset purchase agreement in order to file a motion to approve the
sale of substantially all of its assets. The short extension, the
Debtors explained, will allow the planning process to proceed in a
similar time frame as the sale process.

                   About Bayside Waste Services

Bayside Waste Services, LLC, a Tampa, Florida-based provider of
environmental services, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-02359) on March 18,
2020.  The petition was signed by Paul J. Simon, its manager. As of
Feb. 29, 2020, the Debtor had $769,198 in total assets and
$1,376,899 in total liabilities.

Judge Catherine Peek McEwen oversees the case. The Debtor tapped
Stichter Riedel Blain & Postler, P.A., as its counsel.



BLACKJEWEL: $50M Royalty Payments Owed to U.S. Still Unpaid
-----------------------------------------------------------
Camille Erickson of Casper Star Tribune reports that the federal
government has yet to recoup over $50 million in unpaid royalty
payments and other past due charges from bankrupt coal firm
Blackjewel, according to a recent court order.  The royalty
delinquencies have stalled the transfer of federal mine leases to
the new owner of two Wyoming coal sites and left the fate of the
bankruptcy case unclear.

When Blackjewel filed for Chapter 11 bankruptcy in July 2019 and
abruptly closed down some of the largest mines in the world, it
owed the U.S. Department of Interior over $50.1 million in royalty
payments and additional fees for extracting coal at the Belle Ayr
and Eagle Butte mines.

Though a new company called Eagle Specialty Materials has since
taken over all operations at the two mines, the federal government
-- and consequently American taxpayers -- has yet to be paid what
it's due.

According to a court order filed Thursday, Sept. 17, 2020, Eagle
Specialty Materials will be liable for all royalty payments
associated with the two coal mines for the period after Oct. 18,
2020, the date Blackjewel sold the mines. But it remains unclear
who will be responsible for the over $50 million in delinquent
royalty payments racked up by Blackjewel before and shortly after
the bankruptcy began.

In addition to the millions of dollars owed by Blackjewel, the
Interior Department is also owed nearly $886,000 in royalty
payments and fees for coal produced between the time Blackjewel
petitioned for bankruptcy on July 1, 2019, and the sale of the
mines to Eagle Specialty Materials on Oct. 17, 2019.

It remains unclear if a company will step up to settle all these
the liabilities, or if the federal coal leases will ultimately be
relinquished.

In October 2019, Eagle Specialty Materials purchased the two mines
from Blackjewel and restarted production soon after the sale was
finalized. But even after nearly a year leading operations at the
two mines, the new company has yet to secure the federal leases
from the previous owner.

According to the Mineral Leasing Act, all outstanding liabilities
must be settled before a lease transfer can take place. Outstanding
violations need to be resolved too, among several other
requirements. The new company only obtained a license to mine as a
contract operator in Wyoming but still does not have the required
federal leases.

Mark Squillace, a professor of natural resources law at the
University of Colorado Law School, found the court's order on the
federal leases "troubling."

"It's at least possible that both Blackjewel and Eagle Specialty
Materials are going to try to get out and not pay the $50 million,"
Squillace said. "And to my mind, this (lease transfer) should not
be allowed to go forward without some assurance that the government
is going to get royalty payments, as required by law."

In the meantime, Friday's court order also clarifies that
Blackjewel will not take responsibility for any "liabilities,
claims and obligations arising out of or related to ESM's operation
of the Belle Ayr and Eagle Butte mines," despite still holding the
federal leases.

Eagle Specialty Materials did not immediately respond to a request
for comment.

But as of May 31, 2020, the U.S. Office of Natural Resources
Revenue said Eagle Specialty Materials had remitted its monthly
payments to the federal government since assuming ownership of the
mines in October.

To work out these remaining details on the lease transfers, the
Interior Department "agreed to extend the deadline within which the
Debtors may assume the (leases)" until Dec. 31, 2020 court
documents filed Friday stated.

Meanwhile, the public remains in the dark over the specifics of the
agreement struck between the Interior Department and the coal
companies.

"The Department's claim in unpaid royalties remains pending in
Blackjewel's bankruptcy case," a spokesman for the U.S. Office of
Natural Resources Revenue said in a statement. "The Department,
through the representation by the Department of Justice, is
continuing to pursue that claim."

If Eagle Specialty Materials fails to pay off Blackjewel's existing
debts, or refuses to take on the eight federal leases tied to the
Eagle Butte and Belle Ayr mines, the leases could be relinquished,
according to Shannon Anderson, a staff attorney with the landowner
group, Powder River Basin Resource Council.

When energy companies obtain federal leases and extract minerals
from public land in Wyoming, they must pay royalties to the
government. But it's not only the federal government that benefits
from timely payments of royalties from mineral extraction. About
48% of federal of royalties from coal travel back to Wyoming. At a
time when the state faces a daunting $1.7 billion revenue
shortfall, collecting royalty payments proves all the more
important.

"The Interior Department is essentially a fiduciary for us, as
American taxpayers," Anderson said. "... The coal is really not
owned by them, it's owned by you and me."

When exactly a responsible party will cough up over $50 million to
settle Blackjewel's lingering debts remains unknown too. Coal
markets have crashed into tough times this year, with production at
the Belle Ayr mine declining 40% and Eagle Butte 25% during this
year's second quarter.

                      About Blackjewel LLC

Blackjewel L.L.C.'s core business is mining and processing
metallurgical, thermal and other specialty and industrial coals.
Blackjewel operates 32 properties, including surface and
underground coal mines, preparation or wash plants, and loadouts or
tipples. Combined, Blackjewel and its affiliates hold more than
500 mining permits. Operations are located in the Central
Appalachian Basin in Virginia, Kentucky and West Virginia and the
Powder River Basin in Wyoming.

Blackjewel L.L.C. and four affiliates filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Lead Case No. 19-30289) on July 1, 2019. Blackjewel was
estimated to have $100 million to $500 million in asset and $500
million to $1 billion in liabilities as of the bankruptcy filing.

The Hon. Frank W. Volk is the case judge.

The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy
counsel; Supple Law Office, PLLC as local bankruptcy counsel; FTI
Consulting Inc. as financial advisor; Jefferies LLC as investment
banker; and Prime Clerk LLC as the claims agent.

The Office of the U.S. Trustee on July 3, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Blackjewel LLC.  Whiteford Taylor &
Preston LLP is the Committee's counsel.


CALIFORNIA PIZZA: 2nd Lien Lenders, Unsecureds Now Back Plan
------------------------------------------------------------
California Pizza Kitchen reached an agreement with its unsecured
creditors committee and certain of its second lien lenders to
resolve issues related to its bankruptcy-exit plan and bidding
procedures.

On Sept. 23, 2020, the Debtors, the Consenting Lenders, certain
Second Lien Lenders, and the Official Committee of Unsecured
Creditors entered into an agreement designed to achieve a
reasonable and effective resolution of the Chapter 11 cases (the
"Settlement").  Pursuant to the Settlement Agreement, among other
things, the Committee and certain Second Lien Lenders agree to
support the Debtors' proposed restructuring.

As part of a holistic settlement in which the Committee and the
Second Lien Loan ("2L") claim holders listed on the signature page
hereto agree to support the Debtors' proposed restructuring plan,
these settlement terms will apply for the benefit of General
Unsecured Creditors as treatment under the Chapter 11 Plan (in full
and final satisfaction, release, and discharge of any and all
General Unsecured Claims, as set forth in the Plan), which Plan
implements a reorganization of the Debtors under the terms of the
RSA or a sale of the Debtors' assets or equity interests, provided
the settlement shall not be effective if (a) the Debtors deliver
the alternative transaction notice set forth in Section 7.01 of
Restructuring Support Agreement and/or pursue a sale transaction
without the consent of the Required Consenting Lenders and the
Supermajority Required DIP Lenders (each as defined in the
Restructuring Support Agreement) and the Restructuring Support
Agreement is terminated as a result, or (b) the settlement is
voided by the Committee in accordance with the terms hereof:

   * Cash/Equity Payment. To all holders of allowed general
unsecured claims (excluding Convenience Class Claims in the event
of an equitization transaction with the existing First Lien Lenders
("1L")), including the holders of 2L claims as deficiency
claimholders for the full principal and accrued and unpaid
prepetition interest amount of the Second Lien Loan:  

     -- Cash payment of $1.75M (the "Cash Payment") payable (i)
$875k upon the Effective Date of the Plan (the "Initial Payment
Date") and (ii) $875k within the earlier of (a) nine months of the
Effective Date of the Plan and (b) to the extent the Effective Date
has occurred, September 1, 2021 (such additional payment date, the
"Second Payment Date"); and

    -- In the event of an equitization transaction with the
existing 1L lenders: equity payment of 3.5% of primary equity
subject to dilution only by the MIP (10%). Minority shareholder
protections consistent with the attached Exhibit A.  

    -- In the event of sale, in lieu of the equity payment, an
additional cash payment of $1.5M (the "Additional Cash Payment"
together with the Cash Payment, the "Sale Cash Payments") will be
paid.  In the event of a sale, the Sale Cash Payments will be paid
at closing to be held in trust for the benefit of general unsecured
creditors.  

   * Convenience Class. In the event of an equitization transaction
with the 1L Lenders, the Plan shall establish a Convenience Class
for General Unsecured Creditors whose claims are allowed in an
amount less than or equal to $100,000.  Each such claimant will
receive its pro rata share of a cash pool of $160,000, $80,000 of
which shall be paid from the Cash Payment and $80,000 of which
shall be paid by the Reorganized Debtors, provided however that the
payment on account of any such claim shall not exceed 3.4% of the
allowed amount of such claim.  For the avoidance of doubt, the
Convenience Class shall only apply to a reorganization Plan where
General Unsecured Creditors are receiving the equity distribution.
The Convenience Class claims shall be paid (i) 50% upon the
Effective Date of the Plan (or upon such later date as any
Convenience Class claim becomes an allowed claim) and (ii) 50% as
soon as reasonably practicable following the Second Payment Date
(or upon such later date as any Convenience Class claim becomes an
allowed claim).
   
   * Deficiency Claims. 1L deficiency claims waived (including any
right to turnover or similar relief with respect to the 2L claims);
provided that to the extent any 2L holder objects to this
settlement and seeks a recovery inconsistent with what is set forth
in this settlement, for those purposes only, the 1L’s deficiency
claims (including turnover and all rights under the 1st/2nd lien
intercreditor agreement) are preserved, but only with respect to
the claims held by the objecting 2L holders (if any).  

   * 1L/2L Crossovers. No waiver of 2L claims held by 1L/2L
crossover holders.

   * Committee Budget. Committee advisors will use best efforts to
comply with an agreed prospective budget, which shall only apply if
there is a Plan implementing the settlement.  Committee advisors
will provide a weekly estimate of anticipated fees and expenses.  
•Committee and 2L Claim Holder Support. Subject to the below, the
Committee and the 2L claim holders listed on the signature page
hereto will not object to the DIP, the Bid Procedures, the
potential selection of a stalking horse bidder, the Disclosure
Statement, and/or Confirmation and will otherwise support the
proposed restructuring plan that includes this settlement and the
terms of the RSA (as modified by the settlement); provided,
however, that the proposed Bid Procedures Order and DIP Order will
be as agreed to among the parties as of the time of signing the
settlement and any changes shall be consistent with the settlement
agreement and reasonably acceptable to the Committee and the Plan
and the Confirmation Order will be subject to the reasonable
consent of the Committee and consistent with the terms of this
settlement.  Subject to the foregoing, the Committee will recommend
in a letter addressed to the unsecured creditor body that the
unsecured creditors vote to accept the Plan.

   * Releases. Full releases of Debtors, Reorganized Debtors,
Consenting Lenders, DIP Lenders, Consenting Sponsors, and other
parties in accordance with the RSA and proposed Chapter 11 plan.

    * Committee Member and 2L Agent Expenses. Reimbursements of
fees and expenses for Committee members and 2L agent, including
professionals, to be paid from the unsecured creditor
distributions.

A settlement would include incorporating certain of the Committee's
pending requested changes to the Final DIP Order, as outlined
below:  

    * After an Event of Default, upon termination, the 506(c) and
552(b) waivers are terminated (i) effective as of the date of
termination for prospective amounts and (ii) retroactively for
incurred but unpaid operational expenses that have been incurred
prior to the date of termination and accounted for in the budget.

    * The Committee shall not seek to recharacterize, disgorge,
disallow, or any other remedy with respect to, the adequate
protection payments; provided that if this settlement is
terminated, the Committee’s rights to seek to recharacterize,
disgorge, disallow, or any other remedy with respect to, the
adequate protection payments are preserved.

    * Committee settlement is subject to completion of Committee
investigation of Prepetition Secured Liens (to be completed on or
before September 30, 2020) (the expiration of such period, the
"Expiration of the Challenge Period").  For the avoidance of doubt,
any Committee challenge or related action prior to the Expiration
of the Challenge Period, including, without limitation, any
challenge to the liens, the roll-up, any credit bid rights, or the
filing of a standing motion will void this settlement. Upon the
Expiration of the Challenge Period, the Committee will be deemed to
have waived any challenge to the Prepetition Secured Liens,
including, without limitation, with respect to the liens or the
roll up and any credit bid rights.

    * Additional modifications to the DIP Order: (i) Reporting,
(ii) consultation rights on amendments (subject to reasonable
qualifier for timing of consultation rights), (iii) standing motion
tolls the challenge, (iv) until the termination hearing, Debtors
can use the proceeds of the DIP Facility or Cash Collateral,
consistent with the approved budget, (v) releases carve out willful
misconduct, (vi) investigation budget increased to $100K (which is
not a cap), (vii) validity of the liens for the Roll-Up Loans
subject to timely Committee challenge; (viii) consult with
Committee on updates to the Budget, (ix) credit bidding subject to
363(k) (Committee to waive "for cause" challenges other than
validity of the liens), and (x) to conform with the DIP Credit
Agreement, clarify that the DIP Collateral does not include
Excluded Assets.   

   *  Milestones to allow for Bid Deadline of October 2nd and
auction date of October 8th.

A settlement would include incorporating certain of the
Committee’s pending requested changes to the Bidding Procedures,
including certain consultation, consent, and challenge rights, and
reducing the bidding increment from $1.5M to $500K.

                   About California Pizza Kitchen

California Pizza Kitchen, Inc. -- http://www.cpk.com/-- is a
casual dining restaurant chain that specializes in California-style
pizza. Since opening its doors in Beverly Hills in 1985, CPK has
grown from a single location to more than 200 restaurants
worldwide. CPK's traditional dine-in locations are full-service
restaurants that serve pizza, salads, pastas and other
California-inspired fare, alongside a curated selection of wines
and a menu of handcrafted cocktails and craft beers. Though the
Company's dine-in restaurants are the primary way the Company
serves its customers, CPK also has a number of "off-premises"
services and licensing agreements that allow customers to get their
favorite CPK dishes on the go.

California Pizza Kitchen, Inc. filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 20-33752) on July 29, 2020. The Hon. Marvin
Isgur oversees the case.

At the time of filing, Debtors have $100 million to $500 million
estimated assets and $500 million to $1 billion estimated
liabilities.

Kirkland & Ellis is serving as legal counsel to CPK, Guggenheim
Securities, LLC is serving as its financial advisor and investment
banker, and Alvarez & Marsal, Inc. as restructuring advisor.
Gibson, Dunn & Crutcher LLP is acting as legal counsel for the
group of first lien lenders and FTI Consulting, Inc. is acting as
its financial advisor.Additional information about the Chapter 11
case can be found at https://cases.primeclerk.com/CPK


CAMPBELL SOUP: Egan-Jones Hikes Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Campbell Soup Company to BB+ from BB.

Headquartered in Camden, New Jersey, Campbell Soup Company, with
its subsidiaries, manufactures and markets branded convenience food
products.



CANADA GOOSE: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned first time ratings to Canada
Goose Inc., consisting of a B1 corporate family rating (CFR), B1-PD
probability of default rating, a B2 rating to its proposed $300
million senior secured first lien term loan B due in 2027, and an
SGL-1 speculative grade liquidity rating. The outlook is stable.

Net proceeds from the C$402 million (US$ equivalent) term loan will
be used to repay all outstandings under its existing first lien
term loan B of C$155 million, repay C$50 million on its ABL
facility, and the remaining C$185 million will be added to cash on
the balance sheet.

Ratings Assigned:

Corporate Family Rating, B1

Probability of Default Rating, B1-PD

$300 million Senior Secured First Lien Term Loan B due in 2027, B2
(LGD4)

Speculative Grade Liquidity Rating, SGL-1

Outlook Action:

Outlook, Assigned as Stable

RATINGS RATIONALE

Canada Goose's B1 CFR is constrained by: (1) its narrow and
discretionary luxury product, which is subject to volatile trends
and economic downturns; (2) its seasonal business with small scale;
(3) social concerns around its use of animal products; (4) the
negative impact of the coronavirus pandemic; and (5) risks with its
majority control by private equity. The rating benefits from: (1) a
strong brand; (2) leverage (pro forma adjusted Debt/EBITDA) of 3.3x
at LTM Q1/F2021, together with expectations that the metric will
rise in fiscal 2021 but will be sustained below 4x within 12 to 18
months; (3) very good liquidity; (4) strong margins; and (5)
growing geographic diversity.

The term loan benefits from first priority lien on PP&E and a
second priority lien on accounts receivable and inventory. It is
rated B2, one notch below the B1 CFR, to reflect its junior ranking
behind the company's ABL facility.

Canada Goose's social risk is elevated. The coronavirus pandemic is
expected to continue to impact operations in the retail and apparel
sector and in turn Canada Goose's earnings until the virus is
controlled or eradicated. Also, social concerns around the use of
animal products (fur and down) in its offerings will drive
continued negative publicity on the brand.

Canada Goose's governance risk is high because a private equity
firm is its largest shareholder.

Canada Goose has very good liquidity (SGL-1). Sources approximate
C$665 million while uses in the form of term loan amortization
total about C$4 million in the next four quarters. Liquidity is
supported by C$345 million of cash when the transaction closes,
expected free cash flow of about C$100 million in the next 4
quarters, and about C$220 million of availability under its ABL
facility (borrowing base of about C$380 million, matures in June
2024). Canada Goose is subject to a springing fixed charge coverage
covenant under its ABL facility and cushion is expected to exceed
300% through the next four quarters should the covenant become
applicable. The company has limited ability to generate liquidity
from non-core asset sales.

The stable outlook is based on Moody's expectations that while the
company's results will be impacted by the coronavirus pandemic in
fiscal 2021, meaningful improvement will occur in fiscal 2022 and
onwards.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

For an upgrade to be considered, Canada Goose will need to clarify
its capital structure target and its largest shareholder's exit
plans, meaningfully increase product diversity, sustain Debt/EBITDA
below 4x (pro forma 3.3x for LTM Q1/F2021) and EBIT/Interest above
3x (pro forma 5.6x for LTM Q1/F2021).

The rating could be downgraded if the company's EBITDA margin is
likely to be sustained below 15% (26% for LTM Q1/F2021) or if the
company is likely to sustain Debt/EBITDA above 5.5x (pro forma 3.3x
for LTM Q1/F2021) or EBIT/Interest below 2x (pro forma 5.6x for LTM
Q1/F2021). Leveraging dividends or acquisitions, or weakening
liquidity could also cause a downgrade.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Canada Goose Inc., headquartered in Toronto, Canada, is a
publicly-traded manufacturer and retailer of luxury outerwear,
knitwear and accessories. Revenue for the twelve months ended June
30, 2020 was C$913 million. The company is majority controlled by
Bain Capital.


CARVANA CO: Prices Upsized Senior Notes Offering
------------------------------------------------
Carvana Co. has upsized and priced the private placement of (i)
$500.0 million in aggregate principal amount of its 5.625% Senior
Notes due 2025 and (ii) $600.0 million in aggregate principal
amount of its 5.875% Senior Notes due 2028.  The Company upsized
its offering of 2028 Notes by $100.0 million aggregate principal
amount from the previously announced amount.  The Notes will be
issued under separate indentures to be entered into upon the
closing of the offering, which Carvana anticipates will take place
on or about Oct. 2, 2020, subject to customary closing conditions.
Carvana intends to use a portion of the net proceeds from the
offering to redeem in full $600.0 million aggregate principal
amount of its outstanding 8.875% Senior Notes due 2023, and the
remainder of the net proceeds to pay fees and expenses related to
the offering and for general corporate purposes.

The 2025 Notes will bear interest at a rate of 5.625% per year and
the 2028 Notes will bear interest at a rate of 5.875% per year,
payable semi-annually on April 1 and October 1 of each year,
beginning on April 1, 2021.  The 2025 Notes will mature on Oct. 1,
2025, and the 2028 Notes will mature on Oct. 1, 2028, in each case
unless earlier redeemed or repurchased.

The Notes, which generally will be guaranteed on a senior unsecured
basis by Carvana's existing domestic subsidiaries, are being
offered only to persons reasonably believed to be "qualified
institutional buyers" in reliance on the exemption from
registration pursuant to Rule 144A under the Securities Act of
1933, as amended, and to persons outside of the United States in
compliance with Regulation S under the Securities Act.  The Notes
and the related guarantees have not been and will not be registered
under the Securities Act, or the securities laws of any state or
other jurisdiction, and may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities or blue sky laws and foreign securities laws.

                          About Carvana

Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is a holding company that was formed as a
Delaware corporation on Nov. 29, 2016.  Carvana is an e-commerce
platform for buying and selling used cars.  The Company owns and
operates Carvana.com, which enables consumers to quickly and easily
shop vehicles, finance, trade-in or sell the ir current vehicle to
Carvana, sign contracts, and schedule as-soon-as-next-day delivery
or pickup at one of Carvana's patented, automated Car Vending
Machines.

Carvana reported a net loss of $364.6 million in 2019, a net loss
of $254.74 million in 2018, and a net loss of $164.32 million in
2017.  As of June 30, 2020, the Company had $2.47 billion in total
assets, $1.50 billion in total liabilities, and $973.08 million in
total stockholders' equity.

                            *    *    *

As reported by the TCR on May 24, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on Carvana Co. to reflect the
company's improved liquidity after it raised $480 million by
issuing about $230 million of common stock and a $250 million
add-on to its existing senior unsecured notes due 2023.


CENTENE CORP: Fitch Rates Senior Unsecured Notes 'BB+'
------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Centene Corporation's
(CNC) issuance of senior unsecured notes. Proceeds from the
issuance will fund an exchange of $2.2 billion of senior unsecured
notes at a lower interest rate. Since the transaction is a debt
exchange, financial leverage is not expected to change materially.

KEY RATING DRIVERS

The new senior debt issuance is rated at the same level as CNC's
existing senior unsecured notes, which is one notch below the
holding company Issuer Default Rating (BBB-/ Stable) and reflects
standard notching based on Fitch's rating criteria.

CNC expects to redeem $1 billion of its 4.75% senior notes maturing
in 2022 and $1.2 billion of its 5.25% notes maturing in 2025 with
the proceeds. The annual interest expense savings on this
transaction is expected to be greater than $40 million.

CNC's financial leverage ratio at the close of the second quarter
2020 was 40% and debt-to-EBITDA was 4.2x, both of which are above
expectations for the company's current rating category. The
capitalization and leverage score carry a higher influence on the
rating, and consequently, progress toward stated deleveraging
targets would put upward pressure on the company's ratings.

RATING SENSITIVITIES

The ratings remain sensitive to any material change in Fitch's
Rating Case assumptions with respect the coronavirus pandemic.
Periodic updates to its assumptions are possible given the rapid
pace of changes in government actions in response to the pandemic
and the pace with which new information is available on the medical
aspects of the outbreak.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- A material adverse change in Fitch's Ratings Assumptions with
respect to COVID-19's impact.

  -- Significant deterioration in financial leverage profile or a
sustained, material earnings disruption.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- A material positive change in Fitch's Rating Assumptions with
respect to COVID-19's impact.

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the COVID-19 pandemic on the
financial profile of both the North American health insurance
sector of the insurance industry and CNC.

  -- Significant progress toward run-rate debt/EBITDA and financial
leverage ratios of 2.8x and 36%, respectively.

  -- Consistent generation of upper single-digit return on capital
and EBITDA margins above 3.6%.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


CENTENE CORP: Moody's Rates Planned $2.2-Bil. Unsecured Notes 'Ba1'
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured debt
rating to Centene Corporation's (Centene; NYSE: CNC) planned
issuance of approximately $2.2 billion of senior unsecured debt,
due October 2030. Net proceeds from the offering will be used to
refinance approximately $1.0 billion of outstanding 4.75% notes due
2022 and $1.2 billion of outstanding 5.25% notes due 2025. The
proposed issuance constitutes a takedown from Centene's shelf
registration filed in May 2020. The outlook on Centene is stable.

RATINGS RATIONALE

Since the proceeds of the $2.2 billion new issuance will be used to
refinance outstanding debt of approximately the same amount, there
will not be a material impact on Centene's leverage. The company's
debt-to-capital ratio as of June 30, 2020 with Moody's adjustments
was 41.5% and debt-to-EBITDA (trailing twelve months) was 3.5x.
Moody's expects adjusted debt-to-capital to be around 40% by
year-end 2020. With the new debt issuance, the company will lower
interest expense by in the range of $45 - $47 million or
approximately 6% of annual interest.

Moody's Ba1 senior unsecured debt rating for Centene and Baa1
insurance financial strength ratings of its operating subsidiaries
reflect the company's strong geographic diversity, its national
market share leadership in Medicaid and individual market and a top
five position in Medicare Advantage. It also reflects a track
record of solid organic growth and adequate capitalization. These
strengths are partly offset by its continued concentration in
Medicaid (despite its improved diversification), its acquisitive
nature with associated integration risk and relatively high
leverage as measured by debt-to-EBITDA.

The coronavirus has not adversely impacted Centene's credit
profile. The incremental medical costs related to the coronavirus
were more than offset by unusually low utilization of other medical
procedures during the first half of 2020. Moody's expects higher
medical costs in the second half of the year, due to higher
utilization for procedures that had been deferred and incremental
coronavirus costs. But Moody's expects these costs to be
manageable. Still, the ultimate impact of the coronavirus remains
uncertain, depending on its severity and duration.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Centene and its insurance subsidiaries if the
company meets the following drivers: 1) Moody's adjusted financial
leverage maintained at 40% or below with well-laddered maturities;
2) Debt-to-EBITDA below 2.2x; 3) Risk-based capital (RBC) ratio
maintained above 200% of company action level (CAL), and; 4) a
further reduction in the Medicaid concentration along with reduced
reliance on full risk membership.

Conversely, Moody's could downgrade Centene and its insurance
subsidiaries if the company meets the following drivers: 1) RBC
ratio below 175% of CAL; 2) EBITDA margins fall consistently below
3.5%; 3) membership declines of over 10% over the next two-to-three
years, and; 4) financial leverage sustained above 40% and/or
debt-to-EBITDA above 3.0x.

Rating actions:

Issuer: Centene Corporation:

Senior Unsecured Notes due 2030: Assigned at Ba1

The outlook on Centene Corporation is stable.

Centene Corporation is headquartered in St. Louis, Missouri.
Through June 30, 2020 the company reported revenues of $54.0
billion and had 20.0 million medical members. At June 30, 2020
shareholders' equity was $25.1 billion. The company operates in 32
states and 3 international markets.

The principal methodology used in this rating was US Health
Insurance Companies Methodology published in November 2019.


CITIUS PHARMACEUTICALS: Achieves Milestones for Mino-Lok
--------------------------------------------------------
Citius Pharmaceuticals, Inc., has achieved a number of significant
milestones over the past several weeks for Mino-Lok.

Mino-Lok is an antibiotic lock solution being developed as an
adjunctive therapy for patients with central line-associated
bloodstream infections (CLABSIs) or catheter-related bloodstream
infections (CRBSIs).  Mino-Lok contains three active drug
substances (minocycline, ethanol and EDTA) which are combined into
two vials, MLT01 (minocycline) and MLT02 (ethanol and EDTA). Citius
has manufactured three registration lots of Mino-Lok using the
commercial manufacturing process, which will be filed in the
planned New Drug Application (NDA).  Citius has placed all
registration lots on stability at the appropriate ICH (The
International Council for Harmonisation of Technical Requirements
for Pharmaceuticals for Human Use) conditions to support the NDA
filing. Citius has also developed a new exclusive synthesis process
for disodium edetate ("EDTA"), a chelating agent which supplants
heparin as the anti-clotting agent in Mino-Lok.

NDAs are applications to request permission to market a drug
product in the U.S. for a specific use.  Chemistry, manufacturing,
and controls (CMC) information is therefore submitted in the NDA to
ensure product quality as it relates to the safety and efficacy of
the drug product.

"A typical drug approval contains one drug substance, so for all
practical purposes our team has developed three products.  Mino-Lok
is unique in many ways, this being one of them," said Myron
Holubiak, chief executive officer of Citius.  "It's important to
know that we expect to be prepared to immediately move to
validation/commercial manufacturing upon the completion of our
Phase 3 clinical trial and receiving the required FDA clearance."

                            About Citius

Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. --
http://www.citiuspharma.com/-- is a specialty pharmaceutical
company dedicated to the development and commercialization of
critical care products targeting unmet needs with a focus on
anti-infectives, cancer care and unique prescription products.

Citius reported a net loss of $15.56 million for the year ended
Sept. 30, 2019, a net loss of $12.54 million for the year ended
Sept. 30, 2018, and a net loss of $10.38 million for the year ended
Sept. 30, 2017.  As of June 30, 2020, Citius had $38.40 million in
total assets, $9.66 million in total liabilities, and $28.74
million in total stockholders' equity.

Wolf & Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated Dec. 16, 2019, citing that the Company has suffered
recurring losses and negative cash flows from operations and has a
significant accumulated deficit.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CREME DE LA CREME: Case Summary & 9 Unsecured Creditors
-------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                          Case No.
    ------                                          --------
    Creme de la Creme Maryland, LLC                 20-18675
      dba Lou Lou Boutiques
    179 Main Street
    Annapolis, MD 21401

    Creme de la Creme Imports LLC                   20-18676
       dba Lou Lou Boutique
    17 West Federal Street
    Middleburg, VA 20117

    Creme de la Creme Holding LLC                   20-18677
       dba Lou Lou Boutiques; dba Lou Lou Too
    17 West Federal Street
    Middleburg, VA 20117

Business Description: The Debtors operate boutique shops selling
                      women's jewelry, handbags, scarves,
                      sunglasses, clothing, and more.  Founded in
                      2004, the Debtors have locations in
                      Virginia, Maryland, Washington, D.C.,
                      Massachusetts, Connecticut, North Carolina,
                      South Carolina, and Georgia.  Visit https://
                      loulouboutiques.com for more information.

Chapter 11 Petition Date: September 24, 2020

Court: United States Bankruptcy Court
       District of Maryland

Debtors' Counsel: Augustus T. Curtis, Esq.
                  COHEN, BALDINGER & GREENFELD, LLC
                  2600 Tower Oaks Blvd.
                  Suite 103
                  Rockville, MD 20852
                  Tel: (301) 881-8300
                  Email: augie.curtis@cohenbaldinger.com

Each Debtor's
Estimated Assets: $1 million to $10 million

Each Debtor's
Estimated Liabilities: $1 million to $10 million

The petitions were signed by Bernardus T. Wegdam, manager.

Copies the petitions containing, among other items, lists of the
Debtors nine unsecured creditors are available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/FSVXMHI/Creme_de_la_Creme_Maryland_LLC__mdbke-20-18675__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/JDWOGOA/Creme_de_la_Creme_Imports_LLC__mdbke-20-18676__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/PYG7PSA/Creme_de_la_Creme_Holding_LLC__mdbke-20-18677__0001.0.pdf?mcid=tGE4TAMA


DAVE & BUSTER'S: To Cut 107 NJ Jobs as Part of Ch. 11 Filing
------------------------------------------------------------
Cecilia Levine of Daily Voice reports that the food and games chain
Dave & Buster's filed a WARN notice saying it will be laying off
107 New Jersey employees.

It is the latest company to crumble amid the COVID-19 pandemic.

Dave & Busters -- with New Jersey locations in Wayne and Woodbridge
-- could file for Chapter 11 bankruptcy if a deal with lenders
isn't reached, the Wall Street Journal reports.

The WARN notice indicates that the 107 employees being laid off are
at the Wayne location -- the Willowbrook Mall. It's unclear if any
of the workers in the Woodbridge center will be impacted.

Dave & Busters reached a deal with lenders earlier this year to
waive debt through Nov. 1.  If that deal isn't extended, a
restructuring plan must be implemented, reports say.

                        About Dave & Buster's

Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster's
Entertainment, Inc., is the owner and operator of 136 venues in
North America that combine entertainment and dining and offer
customers the opportunity to "Eat Drink Play and Watch," all in one
location. Dave & Buster's offers a full menu of entrées and
appetizers, a complete selection of alcoholic and non-alcoholic
beverages, and an extensive assortment of entertainment attractions
centered around playing games and watching live sports and other
televised events. Dave & Buster's currently has stores in 40
states, Puerto Rico, and Canada.



DIAMOND OFFSHORE: Wants to Move Plan Exclusivity Thru Dec. 22
-------------------------------------------------------------
Diamond Offshore Drilling, Inc. and its affiliates ask the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division, to extend the periods within which the Debtors have the
exclusive right to file a Chapter 11 plan and to solicit
acceptances for the Plan by 120 days, through and including
December 22, 2020, and through and including February 22, 2021,
respectively.

Since the Petition Date, the Debtors have worked constructively
with all parties-in-interest by, among other things, providing due
diligence to ensure that all their creditor constituencies are
fully informed for purposes of engaging in plan discussions and
have consistently attempted in good faith to build consensus among
all parties-in-interest. The Debtors fully intend to continue to
work constructively with all parties-in-interest during the
remainder of these Chapter 11 Cases.

Additionally, the Debtors recently made available to the advisors
to the Ad Hoc Group of Senior Noteholders, the Official Committee
of Unsecured Creditors, and the RCF Lenders a revised long-term
business plan in light of the changes in the Debtors' drilling
contract backlog. Members of the Ad Hoc Group of Senior Noteholders
have also extended confidentiality agreements with the Debtors to
allow for plan negotiations to continue through mid-September.

The Debtors are requesting an extension to the exclusivity periods
to allow them sufficient time to use the revised business plan as a
basis for negotiations with key stakeholders in the development of
a value-maximizing chapter 11 plan. Based on initial discussions,
the Debtors expect that negotiations with their stakeholders during
the extended Exclusivity Periods will allow them to file,
prosecute, and effectuate a consensual and confirmable plan of
reorganization.

Absent an extension, the Debtor's initial exclusive filing period
was set to expire August 24, 2020, and its exclusive solicitation
period October 23, 2020.

                 About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc. provides contract drilling services
to the energy industry worldwide. The company operates a fleet of
15 offshore drilling rigs, including 4 drillships and 11
semisubmersible rigs. It serves independent oil and gas companies,
and government-owned oil companies. The company was founded in 1953
and is headquartered in Houston, Texas. Diamond Offshore Drilling,
Inc. is a subsidiary of Loews Corporation.

As of Dec. 31, 2019, the Company had $5.83 billion in total assets,
against $2.60 billion in total liabilities.

Diamond Offshore Drilling, Inc., along with its affiliates filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April
26, 2020.

The Honorable David R. Jones is the case judge. The Debtors'
bankruptcy advisers include investment banker Lazard Freres & Co.
LLC.; financial advisor Alvarez & Marshall North America LLC; and
attorneys Porter Hedges LLP and Paul, Weiss, Rifkind, Wharton &
Garrison LLP.  Prime Clerk LLC is the claims agent.

On May 11, 2020, the Office of the United States Trustee for the
Southern District of Texas appointed the Official Committee of
Unsecured Creditors. On June 11, 2020, the U.S. Trustee filed the
Notice of Reconstituted Committee of Unsecured Creditors. No
request for the appointment of a trustee or examiner has been made
in these Chapter 11 Cases.



DIESEL REALTY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Diesel Realty, LLC
        11 Marblerigde Road
        North Andover, MA 01845

Business Description: Diesel Realty, LLC is a privately held
                      company whose principal assets are located
                      at 115 Main Street Amesbury, MA 01913.

Chapter 11 Petition Date: September 23, 2020

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 4:20-bk-40938

Judge: Hon. Elizabeth D. Katz

Debtor's Counsel: Marquez C. Lipton, Esq.
                  PARKER & LIPTON
                  10 Converse Place, Suite 201
                  Winchester, MA 01890
                  Tel: (781) 729-0005
                  Fax: (781) 729-0187
                  Email: mlipton@parkerlipton.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David M. Martin, manager.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

A copy of the petition is available for free at PacerMonitor.com
at:

https://www.pacermonitor.com/view/IUUN6WI/Diesel_Realty_LLC__mabke-20-40938__0001.0.pdf?mcid=tGE4TAMA


EFS COGEN I: Moody's Affirms Ba3 on Proposed Secured Term Loan
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating assigned to
EFS Cogen Holdings I LLC's (EFS Cogen or Issuer or Project)
proposed senior secured term loan and the Ba2 rating assigned to
the Issuer's super senior secured revolving credit facility. The
outlook is stable.

RATINGS RATIONALE

The rating action considers the Issuer's decision to upsize the
senior secured term loan by $50 million to $1 billion from $950
million owing to strong investor interest during the term loan
syndication and a lower than expected interest margin. Proceeds
from the upsized $1 billion term loan offering will be used to
refinance existing debt (approximately $839.1 million), to fund a
distribution to sponsors of about $137 million and to pay
transaction expenses. At financial close, Moody's intends to
withdraw the Ba3 rating on the existing secured term loan and the
secured revolving credit facility.

While the upsizing of the term loan modestly increases the
sponsor's dividend, a credit negative, the resulting financial
impact is relatively moderate owing in part to loan pricing that is
slightly lower than previously anticipated. Taking into
consideration the higher term loan debt quantum, its base case now
suggests EFS Cogen's credit metrics will moderately weaken over the
three-year 2020-2022 period with the $50 million upsizing as the
average debt service coverage ratio (DSCR) is expected to modestly
decline by a basis point to 2.03x. Also, the ratio of Project CFO
to Total Debt is anticipated to continue to average around 8.0%
over the three-year period while Debt/EBITDA will exceed 6.0x. The
5.3% increase in the Term Loan B amount moderately increases the
anticipated size of a future refinancing, but refinancing risk is
largely unchanged, in its view, as about 47% of the term loan is
expected to be repaid from excess cash flow and mandatory
amortization prior to maturity, a level that Moody's considers to
be manageable.

EFS Cogen's credit profile is supported by the assets' location
within a highly constrained load pocket, its strong historical
operating performance and unique competitive position and an
expectation for relatively predictable cash flow as an important
asset serving the City of New York. These strengths are balanced by
the Project's reliance on merchant power markets for a significant
portion of its cash flows and the high leverage at financial
close.

The higher Ba2 rating on the super senior secured revolving credit
facility reflects structural features that give any outstanding
revolving credit facility draws a priority claim over the term loan
during any bankruptcy reorganization or liquidation scenario.

RATING OUTLOOK

The stable outlook reflects an expectation for continued strong
operating performance and improved financial results due primarily
to higher capacity related revenues owing to the premium
positioning of the assets.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

FACTORS THAT COULD LEAD TO AN UPGRADE

EFS Cogen's rating is unlikely to be upgraded in the near-term
owing to the anticipated leverage at financial close of the
refinancing. Longer term, the rating could come under positive
pressure should the credit metrics become more solidly positioned
in the mid-Ba rating category on a consistent basis. Specifically,
if the ratio of Project CFO/Debt exceeds 12% and the DSCR exceeds
2.5x on a sustained basis, consideration of an upgrade may be
warranted.

FACTORS THAT COULD LEAD TO A DOWNGRADE

EFS Cogen's rating may be pressured should its ratio of Project
CFO/Debt decline to below 8.0% on a sustained basis or if the
generating facility experiences operating problems.

PROFILE

EFS Cogen owns a 974 MW 6-unit natural gas-fired combined cycle
cogeneration plant in Linden, New Jersey that consists of Units 1-5
(809 MW) and Unit 6 (165 MW). A dedicated transmission line allows
Units 1-5 to dispatch its electric output and capacity into New
York City. EFS Cogen is owned 50% by JERA Co. Inc., a global energy
company based in Tokyo, 14% by affiliates of Ares EIF, 14% by
affiliates of Oaktree Capital, 12% by Rose Capital Investment and
10% by GS Platform (a consortium of South Korean power producers).

The principal methodology used in these ratings was Power
Generation Projects Methodology published in July 2020.


ENERGY ALLOYS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 on Sept. 23, 2020, appointed a
committee to represent unsecured creditors in the Chapter 11 cases
of Energy Alloys Holdings, LLC and its affiliates.

The committee members are:

     1. Schmolz+Bickenbach USA Inc.
        Attn: Allie Wells, Credit Manager
        365 Village Drive
        Carol Stream, IL 60188
        Phone: (630-682-3900
        Email: allie.wells@schmolz-bickenbach.us

     2. Trek Metals, Inc.
        Attn: Matthew Southerland, Finance Manager
        5221 N. O'Connor Blvd, Suite 750
        Irving, TX 75039
        Phone: (972) 331-9575
        Email: matt@trek-metals.com

     3. Frisa Metals, LLC
        Attn: Antonio Alvarez, Executive Vice President
        8350 Ashlane Way, Ste 202
        The Woodlands, TX, 77382
        Phone: (832) 791-6427
        Email: aalvarez@frisa.com

     4. Pusan Pipe America, Inc.
        dba SeAH Steel America, Inc.
        Attn: Jaehoon Lee, Vice President and Controller
        2100 Main Street, Suite 100
        Irvine, CA 92614
        Phone: (949) 655-8000
        Email: jhlee@seahusa.com

     5. Liberty Specialty Steel
        Attn: Howard Law, General Counsel US
        7 Fox Valley Way
        Stocksbridge Sheffield, S36 2JA
        United Kingdom
        Phone: (609) 713-5469
        Email: howard.law@gfgalliance.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                        About Energy Alloys

Founded in 1995, Energy Alloys Holdings LLC and its affiliates are
privately-owned distributors and resellers of tube and bar products
sold into the oil and gas industry for the exploration of
hydrocarbons.  Visit https://www.ealloys.com for more information.


On Sept. 9, 2020, Energy Alloys Holdings LLC and seven of its
affiliates filed for bankruptcy protection (Bankr. D. Del., Lead
Case No. 20-12088).  Bryan Gaston, chief restructuring officer,
signed the petitions.  Judge Mary Walrath presides over the cases.

Debtors estimated consolidated assets of $10 million to $50
million, and consolidated liabilities of $100 million to $500
million.

Debtors have tapped Richards, Layton & Finger, P.A. as bankruptcy
counsel, Akin Gump Strauss Hauer & Feld LLP as corporate counsel,
Moelis & Company as investment banker, and Epiq Corporate
Restructuring LLC as claims and noticing agent.   Ankura Consulting
Group, LLC provides interim management services.


Environmental Considerations of Companies Planning to File Ch. 11
-----------------------------------------------------------------
Dianne Phillips and Maria de la Motte of Law360 wrote on the
environmental considerations that companies should keep in mind
when filing chapter 11 bankruptcy protection.

With economic downturn comes bankruptcy. It is often observed that
the intersections between the U.S. Bankruptcy Code and
environmental law can create conflict, because while many federal
and state environmental statutes seek to hold parties responsible
for contamination, in some cases, many years after a release has
occurred, the Bankruptcy Code seeks to offer debtors a fresh
start.

Debtors reorganizing under Chapter 11 of the Bankruptcy Code, and
their creditors, should be aware that environmental obligations may
be exempt from the automatic stay and that some environmental
obligations will not be dischargeable in bankruptcy. This article
provides an overview of common issues arising at the intersection
of bankruptcy and environmental law.

Not all environmental obligations are subject to the automatic
stay.

One important consideration is whether an environmental claim or
obligation will be subject to the automatic stay. Section 362(a) of
the Bankruptcy Code mandates that prepetition claims of creditors
are automatically stayed, triggered by the filing of the bankruptcy
petition.[1]

There is an exception to the automatic stay for a governmental
entity's commencement or continuation of an action within its
police or regulatory power.[2] An action to collect a monetary
judgment, however, will be stayed.[3]

A Chapter 11 debtor must comply with environmental laws prior to
filing its plan of reorganization — and afterwards, if it remains
in possession.[4] Analysis of the police and regulatory power
exception to the automatic stay is not only highly fact-dependent,
but similar facts are sometimes analyzed differently by courts in
counterintuitive ways.[5]

Generally, the automatic stay will not be effective against
proceedings to fix penalty amounts, natural resource damage amounts
or involving the share of costs to be allocated to a potentially
responsible party under the Comprehensive Environmental Response,
Compensation and Liability Act, or CERCLA.[6]

In considering whether such claims fall within the police and
regulatory power exception to the automatic stay, most courts will
employ either or both of two tests — the pecuniary purpose test
and public policy test.[7]

Under the pecuniary purpose test, reviewing courts focus on whether
the proceeding relates primarily to the government's pecuniary
interest or to matters of public safety, with matters of public
safety falling within the exception to the automatic stay.

Under the public policy test, courts except proceedings
effectuating public policy from the stay, whereas those
adjudicating private rights — for example, a government agency's
suit to recover from a contractor who failed to deliver goods —
will be stayed.[8]

The automatic stay will, however, be effective against the
enforcement of monetary judgments, even if such enforcement is in
furtherance of the government's regulatory powers, because
otherwise, the government would receive unfair treatment compared
with other creditors.[9] For example, efforts to collect a
potentially responsible party's share of CERCLA cleanup costs will
be stayed.[10]

Not all environmental claims are dischargeable.

Chapter 11 allows debtors to discharge all claims arising before
the bankruptcy petition.[11] The Bankruptcy Code defines a claim as
a "right of payment" or "right to an equitable remedy for breach of
performance if such breach gives rise to a right of payment."[12]
The meaning of this definition in the context of environmental
obligations has been the subject of considerable — and at times
inconsistent — interpretation by courts.

Compliance With Environmental Laws and Regulations

After a Chapter 11 debtor has reorganized, the organization will
still need to comply with environmental laws.[13] Accordingly,
orders addressing ongoing pollution will often not be
dischargeable.[14] There are cases where courts have refused to
confirm a reorganization plan because the debtor did not
satisfactorily demonstrate that it could comply with environmental
laws if allowed to remain in possession after reorganization.[15]

Courts are sometimes skeptical, however, of attempts by government
agencies to collect a monetary claim arising from a prepetition act
of the debtor by characterizing the claim as a regulatory action to
address ongoing pollution.[16]

Monetary claims related to prepetition releases, including natural
resources damages, are generally dischargeable in bankruptcy.[17]
This includes claims brought by the government[18] and those
brought by private parties.[19]

Fines and Penalties

Fines or penalties payable to a government agency, however, may not
be dischargeable in bankruptcy.[20] There is noteworthy variation
in how different courts have treated fines and penalties.

A recent Delaware case found that prepetition penalties for air
emission violations were dischargeable claims.[21] In contrast,
other courts have not only refused to allow penalties to be
discharged, but have granted them first priority payment as
administrative expenses that are "actual, necessary costs and
expenses of preserving the estate."[22]

These courts have characterized fines and penalties,[23] or even
administrative and legal costs incurred by a state agency in
arranging remediation efforts,[24] as part of the "cost of doing
business" for the debtor, and therefore benefiting the estate,
while other courts have found that penalties that seek to "punish
and deter" do not benefit the estate and therefore should not
receive administrative expense priority.[25]

Prepetition Monetary Claims Versus Injunctions

Another common issue is whether an environmental injunction,
consent order or other such obligation related to prepetition
activities of the debtor constitutes a prepetition claim
dischargeable in bankruptcy.

Factors courts examine include (1) whether the debtor is capable of
performing the cleanup, (2) whether the pollution is ongoing, and
(3) whether the environmental agency has an option under the
applicable environmental statute and regulations to remedy the
problem itself and seek reimbursement from the debtor.[26]

In considering whether the debtor is capable of performing the
cleanup, some courts focus on whether the debtor has access to the
property, with the ability of the debtor to access the property
weighing towards finding a nondischargeable obligation rather than
a dischargeable monetary claim.[27]

Other courts consider whether the debtor can personally complete
the actions required by the injunction, reasoning that any
expenditure of money makes an injunction the equivalent of a
monetary claim.[28]

Most courts, however, recognize that almost all injunctions require
some money to be spent,[29] and one court even found that a
requirement to pay a performance bond did not constitute a monetary
claim, because the purpose of the bond was to ensure the debtor's
performance under the order, not to reimburse costs incurred by the
state.[30]

The issue of whether pollution is ongoing can sometimes be
dispositive, as courts are reluctant to allow an ongoing threat to
human health or the environment.[31]

For example, where a debtor's predecessor had improperly drained
wetlands and a state agency sought to require the debtor to build
new replacement wetlands in another location, the court found that
the agency was, in essence, seeking "compensation for past
misconduct," not seeking an order ameliorating ongoing
pollution.[32]

The court distinguished these facts from cases where hazardous
waste is continuing to migrate into waterways unabated.[33] In
another case, an injunction requiring a debtor to remove asbestos
from buildings was dischargeable because the asbestos would create
a hazard only if removed or disturbed, and therefore, its presence
did not qualify as ongoing pollution.[34]

Cases discussing whether the U.S. Environmental Protection Agency
or a state agency could opt to complete the desired action itself
and seek reimbursement highlight the importance of understanding
the underlying environmental statutes.

For example, under CERCLA, the EPA has the option to remediate a
contaminated site and then sue potentially responsible parties for
response costs, so an order to clean up a site, to the extent that
it imposes obligations beyond any obligation to stop ongoing
pollution, will be a dischargeable claim.[35]

In contrast, under other statutes, such as the Clean Water Act or
the Resource Conservation and Recovery Act, where the government
has no such option to seek payment, an injunction will not likely
be found to be a dischargeable claim.[36] Courts conduct a similar
analysis of state statutes.[37]

Determining When a Claim Arises

A further wrinkle is that the threshold question of whether a claim
arose prepetition, and is therefore even potentially dischargeable,
can be complicated for environmental claims, especially for
contingent claims, such as claims seeking future response costs and
future natural resource damage costs.

Different jurisdictions apply different tests to determine when a
claim arose, with many endorsing the "fair contemplation"
approach.[38] In In re: Jensen, decided in 1993, the U.S. Court of
Appeals for the Ninth Circuit held that all future response and
natural resource damage costs based on prepetition conduct that can
be "fairly contemplated by the parties" at the time of the debtors'
bankruptcy are dischargeable claims under the Bankruptcy Code.[39]

Relevant factors include "knowledge by the parties of a site in
which there may be liability, notification by the creditor to the
debtor of potential liability, commencement of investigation and
cleanup activities, and the incurrence of response costs."[40]

Other courts hold that an environmental claim arises "when a
potential claimant can tie the bankruptcy debtor to a known release
of a hazardous substance,"[41] look to when the acts giving rise to
the liability occurred[42] or consider when there was a
relationship in which liability could arise.[43]

The ability to abandon property may be limited.

Another issue that can arise at the intersection of bankruptcy and
environmental law is whether contaminated property can be
abandoned. Under Section 544(a) of the Bankruptcy Code, a trustee
can abandon property which is burdensome or of inconsequential
value to the estate.[44]

However, in 1986, in Midlantic National Bank v. New Jersey
Department of Environmental Protection, the U.S. Supreme Court held
that "a trustee may not abandon property in contravention of a
state statute or regulation that is reasonably designed to protect
the public or safety from identified hazards."[45]

Cases following Midlantic have interpreted this holding with
varying degrees of breadth. On the narrow end of the spectrum, the
U.S. Bankruptcy Court for the Western District of Oklahoma court
allowed abandonment where it "will not aggravate the existing
situation, create a genuine emergency nor increase the likelihood
of disaster or intensification of polluting agents."[46]

The U.S. Bankruptcy Court for the District of Minnesota, taking a
more moderate approach, laid out a balancing test considering "(1)
the imminence of danger to the public health and safety, (2) the
extent of probable harm, (3) the amount and type of hazardous
waste, (4) the cost to bring the property into compliance with
environmental laws, and (5) the amount and type of funds available
for cleanup."[47]

Some courts have taken a still-broader reading, holding that a
property cannot be abandoned without full compliance with all
applicable environmental law.[48]

Purchasers in Section 363 sales should still conduct all
appropriate inquiries.

Section 363(f) of the Bankruptcy Code allows a debtor, upon notice
to all creditors and with bankruptcy court approval, to sell assets
free and clear of claims and interests.[49]

Potential purchasers of such a property should be cautioned that
real property is not really "free and clear" with respect to
contamination, because while a purchaser in a Section 363(f) sale
is not liable for claims and interests as a successor of the
debtor, it can still be held liable as a current owner or operator
under CERCLA.

Therefore, purchasers at a Section 363(f) sale will still want to
establish an available landowner liability defense, such as
qualifying as a bona fide prospective purchaser.

Conclusion

In light of the economic downturn caused by the COVID-19 pandemic,
bankruptcy and restructuring considerations are a reality for many
organizations. While this article highlights some key topics at the
intersection of bankruptcy and environmental law, it by no means
represents an exhaustive summary of the challenges that can arise.

There is little U.S. Supreme Court case law to guide courts in this
area and these matters are often highly fact-dependent, leading to
variation in how different jurisdictions will treat similar issues.
Depending on the concerns facing your organization, it may be
important to consider potential environmental issues early in the
Chapter 11 process.

[1] 11 U.S.C. Sec. 362(a).

[2] 11 U.S.C. Sec. 362(b)(4).

[3] Id.

[4] See In re Commonwealth Oil Refining Co. , 805 F.2d 1175 (5th
Cir. 1986) (U.S. EPA's RCRA enforcement action not stayed; before
filing its plan of reorganization, debtor was required to cease
treating, storing and disposing of waste without EPA permit and
submit closure and post-closure plans for its disposal
facilities).

[5] Compare In re Goodwin , 163 B.R. 825 (Bankr. D. Idaho 1993)
(Idaho Department of Health and Welfare's suit seeking injunction
stayed as a pre-petition claim because under the applicable
statute, the state could have sought money damages instead) and
City of New York v. Exxon Corp., 932 F.2d 1020 (2d Cir. 1991) (New
York City's suit for CERCLA recovery not stayed, which sought
reimbursement of waste removal costs, natural resource damages, and
a declaratory judgment that debtor was liable for future costs).

[6] See U.S. v. Jones & Laughlin Steel Corp. , 804 F.2d 348 (6th
Cir. 1986) (Judicial proceeding to fix the amounts debtor owed to
various government entities not stayed, as resolution represented a
regulatory action and would not affect the assets available to
other creditors). See also City of New York v. Exxon Corp. , 932
F.2d 1020 (2d Cir. 1991); U.S. v. Nicolet, Inc., 857 F.2d 202 (3d
Cir. 1988); In re Commerce Oil Co. , 847 F.2d 291 (6th Cir. 1988);
U.S. v. Sugarhouse Realty , 162 B.R. 113 (E.D. Pa. 1993); U.S. v.
Alsol Corp. , 2014 WL 46775 (D.N.J. Jan. 2, 2014).

[7] See In re Commerce Oil Co. , 847 F.2d 291, 295 (6th Cir.
1988).

[8] Id.

[9] See U.S. v. Nicolet, Inc. , 857 F.2d 202 (3d Cir. 1988); In re
Commonwealth Oil Refining Co. , 805 F.2d 1175, 1183 (5th Cir.
1986); Penn Terra Ltd. v. Dep't of Envtl. Res. , 733 F.2d 267, 272
(3d Cir. 1984); U.S. v. Sugarhouse Realty , 162 B.R. 113, 117 (E.D.
Pa. 1993).

[10] See U.S. v. Nicolet, Inc. , 857 F.2d 202 (3d Cir. 1988); U.S.
v. Alsol Corp. , 2014 WL 46775 (D.N.J. Jan. 2, 2014).

[11] 11 U.S.C. § 1141(d).

[12] 11 U.S.C. § 101(5)(A-B).

[13] See Ohio v. Kovacs , 469 U.S. 274, 285 (1985); In re CMC
Heartland Partners , 966 F.2d 1143, 1146 (7th Cir. 1992); In re
Industrial Salvage, Inc., 196 B.R. 784, 790 (Bankr. S.D. Ill.
1996).

[14] See generally U.S. v. Apex Oil Co. , 579 F.3d 734 (7th Cir.
2009); In re Torwico Electronics, Inc. v. N.J. Dep't of Envtl.
Prot. , 8 F.3d 146 (3d Cir. 1993); In re Chateaugay Corp. , 944
F.2d 997 (2d Cir. 1991); In re Taylor, 572 B.R. 592 (Bankr.
E.D.N.C. 2017); Mark IV Industries Inc. v. N.M. Env't Dep't, 438
B.R. 460 (Bankr. S.D.N.Y. 2010); In re Industrial Salvage, Inc.,
196 B.R. 784 (Bankr. S.D. Ill. 1996).

[15] See, e.g., In re Jager, 609 B.R. 156 (Bankr. W.D. Penn. 2019);
In re Lewis, 215 B.R. 880 (Bankr. D. Alaska 1997).

[16] See, e.g., In re Peabody Energy Corp., 958 F.3d 717 (8th Cir.
2020) (state statutory and common law tort claims discharged in
bankruptcy as claims to recover money, not claims brought under the
police or regulatory power of the state); In re G-I Holdings Inc.,
654 Fed. Appx. 571, 574 (3d Cir. 2016) (New York City Housing
Authority's claims seeking asbestos removal discharged in
bankruptcy as a monetary claim for property damage, not a
regulatory action to abate ongoing pollution). For further
discussion of the Eighth Circuit's recent decision in In re Peabody
Energy Corp., see Holland & Knight's Energy and Natural Resources
Blog: "U.S. Court of Appeals Holds That Climate Change Tort Claims
Are Dischargeable in Bankruptcy," Aug. 21, 2020.

[17] See generally Ohio v. Kovacs, 469 U.S. 274 (1985); In re Nat.
Gypsum Co., 139 B.R. 397 (Bankr. N.D. Tex. 1992).

[18] See, e.g., Ohio v. Kovacs, 469 U.S. 274, 283-85 (1985); In re
Peabody Energy Corporation, 958 F.3d 717, 724 (8th Cir. 2020); In
re Chateauguay Corp., 944 F.2d 997, 1008 (2d Cir. 1991); In re G-I
Holdings Inc., 654 Fed. Appx. 571, 572 (3d Cir. 2016); In re Jimmo,
204 B.R. 655, 660 (Bankr. D. Conn. 1997).

[19] See, e.g., In re Chemtura Corp., 439 B.R. 561, 570 (Bankr.
S.D.N.Y. 2010); In re Texaco Inc., 182 B.R. 937, 953-54 (Bankr.
S.D.N.Y. 1995).

[20] See, e.g., Cumberland Farms v. Fla. Dep't of Envtl. Prot., 116
F.3d 16, 20 (1st Cir. 1997); In re Jimmo, 204 B.R. 655, 659 (Bankr.
D. Conn. 1997).

[21] See In re Exide Technologies, 613 B.R. 79, 81 (Bankr. D. Del.
2020), appeal docketed, No. 20-8023 (3d Cir. April 23, 2020).

[22] 11 U.S.C. Sec. 507(a), 503(b)(1)(A); see In re Chateaugay
Corp., 944 F.2d 997, 1009-10 (2d Cir. 1991).

[23] See Cumberland Farms v. Fla. Dep't of Envtl. Prot., 116 F.3d
16, 22 (1st Cir. 1997) ("The payment of a fine for failing, during
bankruptcy, to meet the requirements of Florida environmental
protection laws is a cost 'ordinarily incident to operation of a
business' in light of today's extensive environmental
regulations.").

[24] See Com. of Pa. Dep't of Env. Res. v. Conroy, 24 F.3d 568,
569-71 (3d Cir. 1994).

[25] See In re Exide Technologies, 613 B.R. 79, 89 (Bankr. D. Del.
2020), appeal docketed, No. 20-8023 (3d Cir. April 23, 2020).

[26] Mark IV Industries Inc. v. N.M. Env. Dep't, 438 B.R. 460,
467-68 (Bankr. S.D.N.Y. 2010).

[27] See, e.g., Ohio v. Kovacs, 469 U.S. 274, 283 (1985); In re
Torwico Electronics, Inc. v. N.J. Dep't of Envtl. Prot., 8 F.3d
146, 151 (3rd Cir. 1993); In re Taylor, 572 B.R. 592, 603 (Bankr.
E.D.N.C. 2017); Mark IV Industries Inc. v. N.M. Env. Dep't, 438
B.R. 460, 469 (Bankr. S.D.N.Y. 2010).

[28] See, e.g., U.S. v. Whizco, Inc., 841 F.2d 147, 151 (6th Cir.
1988); Gable v. Borges Const., Inc., 792 F. Supp. 2d 117, 123 (D.
Mass. 2011).

[29] See, e.g., U.S. v. Apex Oil Co., 579 F.3d 734 (7th Cir. 2009);
In re Torwico Electronics, Inc. v. N.J. Dep't of Envtl. Prot., 8
F.3d 146 (3d Cir. 1993); In re Commonwealth Oil Refining Co., 805
F.2d 1175, 1186 (5th Cir. 1986); Mark IV Industries Inc. v. N.M.
Env. Dep't, 438 B.R. 460, 467 (Bankr. S.D.N.Y. 2010); In re
Industrial Salvage, Inc., 196 B.R. 784, 789 (Bankr. S.D. Ill.
1996).

[30] See U.S. v. Hubler, 117 B.R. 160, 164-65 (W.D. Pa. 1990).

[31] See generally In re Torwico Electronics, Inc. v. N.J. Dep't of
Envtl. Prot., 8 F.3d 146, 151 (3rd Cir. 1993).

[32] See In re IT Group, Inc., Co. 339 B.R. 338, 342-43 (D. Del.
2006).

[33] Id.

[34] In re G-I Holdings Inc., 654 Fed. Appx. 571, 574 (3d Cir.
2016).

[35] In re Chateaugay Corp., 944 F.2d 997, 1008 (2d Cir. 1991).

[36] U.S. v. Apex Oil Co., 579 F.3d 734, 736-37 (7th Cir. 2009); In
re Taylor, 572 B.R. 592, 603 (Bankr. E.D.N.C. 2017).

[37] See, e.g., Mark IV Industries Inc. v. N.M. Env. Dep't, 438
B.R. 460, 469 (Bankr. S.D.N.Y. 2010) (where New Mexico Water
Quality Act did not allow the state to conduct the cleanup itself
and recover costs, injunction was not a dischargeable claim).

[38] See, e.g., In re Crystal Oil Co., 158 F.3d 291, 298 (5th Cir.
1998); In re Jensen, 995 F.2d 925, 930 (9th Cir. 1993); In re Nat.
Gypsum Co., 139 B.R. 397, 409 (N.D. Tex. 1992); In re Motors
Liquidation Co., 598 B.R. 744, 756 (S.D.N.Y. 2019).

[39] In re Jensen, 995 F.2d 925, 930 (9th Cir. 1993) (internal
citation omitted).

[40] United Artists Theatre Circuit, Inc. v. Cal. Regional Water
Quality Control Bd., 255 Cal. Rptr. 3d 796, 831 (2019).

[41] In re Crystal Oil Co., 158 F.3d 291, 298 (5th Cir. 1998).

[42] See, e.g., In re Parker, 313 F.3d 1267, 1269-70 (10th Cir.
2002); Grady v. A.H. Robins Co., 839 F.2d 198, 203 (4th Cir.
1988).

[43] See In re Motors Liquidation Co., 598 B.R. 744, 755 (S.D.N.Y.
2019).

[44] 11 U.S.C. Sec. 554(a).

[45] Midlantic Nat. Bank v. N.J. Dep't of Envtl. Prot., 474 U.S.
494, 507 (1986).

[46] In re Oklahoma Refining Co., 63 B.R. 562, 565 (Bankr. W.D.
Okla. 1986). See also In re Smith-Douglass, Inc., 856 F.2d 12, 16
(4th Cir. 1988); In re Brio Refining, Inc., 86 B.R. 487, 489 (N.D.
Tex. 1988).

[47] In re Franklin Signal Corp., 65 B.R. 268, 272 (Bankr. D. Minn.
1986).

[48] See, e.g., In re Peerless Plating Co., 70 B.R. 943, 946-47
(Bankr. W.D. Mich. 1987).

[49] 11 U.S.C. Sec. 363(f).


EXIDE TECHNOLOGIES: Former CEO Challenges Bankruptcy Plan
---------------------------------------------------------
Alex Wolfe of Bloomberg Law reports that the former CEO of Exide
Technologies is challenging the battery maker's bankruptcy exit
plan, saying it could strip him of more than $4 million in claims
against company directors over a severance package he didn't get.

Exide's Chapter 11 plan should be amended to allow Victor Koelsch
the chance to opt out of third-party litigation releases so he can
preserve claims related to his 2018 termination, the former
executive said in a filing Monday with the U.S. Bankruptcy Court
for the District of Delaware.

Mr. Koelsch was appointed president and CEO of Exide Technologies
in November 2015, after exiting Chapter 11 bankruptcy.  Almost
exactly three years later, in November 2018, he was replaced by
board member Tim Vargo.  Koelsch was named chief digital officer of
Polaris Inc. in 2020.

In March 2020, a JAMS arbitrator said Exide Technologies had no
basis to claim it fired its former CEO "for cause".  The arbitrator
awarded him more than $4 million in severance, fees and interest
over the firing.

                    About Exide Technologies

Exide Technologies LLC was founded in 1888 and headquartered in
Milton, Georgia, Exide.  It is a stored electrical energy solutions
company and a producer and recycler of lead-acid batteries.  Across
the globe, Exide batteries power cars, boats, heavy duty vehicles,
golf carts, powersports, and lawn and garden applications.  Its
network power solutions deliver energy to vast telecommunication
networks in need of uninterrupted power supply.

Exide Technologies first sought Chapter 11 protection (Bankr. Del.
Case No. 02-11125) on April 14, 2002, and exited bankruptcy two
years after.  Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq.,
at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang
Ziehl & Jones LLP, represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013 and emerged from bankruptcy in 2015.  In
the 2013 case, Exide tapped Skadden, Arps, Slate, Meagher & Flom
LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez &
Marsal as financial advisor; Sitrick and Company Inc. as public
relations consultant.  The official creditors committee retained
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel, and Zolfo Cooper, LLC served as its bankruptcy
consultants and financial advisors.

Exide Holdings, Inc., and its affiliates, including Exide
Technologies LLC, sought Chapter 11 protection (Bankr. D. Del. Lead
Case No. 20-11157) on May 19, 2020.  Exide Holdings was estimated
to have $500 million to $1 billion in assets and $1 billion to $10
billion in liabilities.

In the newest Chapter 11 case, Weil, Gotshal & Manges LLP is
serving as legal counsel to Exide, Houlihan Lokey is serving as
investment banker, and Ankura is serving as financial advisor.
Richards, Layton & Finger, P.A., is the local counsel.  Prime Clerk
LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/Exide2020/


FIELDWOOD ENERGY: S&P Assigns 'BB-' Rating to $100MM DIP Facility
-----------------------------------------------------------------
S&P Global Ratings assigned its point-in-time 'BB-' issue-level
rating to the $100 million debtor-in-possession (DIP) facility
provided to Fieldwood Energy LLC, a U.S.-based oil and gas
exploration and production (E&P) company.

Fieldwood Energy LLC and certain of its affiliated debtors filed
for Chapter 11 protection under the U.S. Bankruptcy Code on Aug. 3,
2020.

S&P's 'BB-' issue rating on Fieldwood Energy LLC's DIP facility
reflects its view of the credit risk borne by the DIP lenders,
including its view of its ability to meet its financial
requirements during bankruptcy through its debtor credit profile
(DCP) assessment, the prospects for full repayment through the
company's reorganization and emergence from Chapter 11 (via its
capacity for repayment at emergence (CRE) assessment), potential
for full repayment in a liquidation scenario (via its additional
protection in a liquidation scenario (APLS) assessment), and its
DIP issue adjustment (DIA) as follows:

-- S&P's DCP of 'b' reflects the combination of a vulnerable
business risk profile and significant financial risk profile,
together with the rating agency's consideration of applicable
ratings modifiers, on Fieldwood during bankruptcy.

-- S&P's CRE assessment of strong coverage of the DIP debt in an
emergence scenario is indicative of coverage of more than 250%,
which provides an uplift of two notches over the DCP.

-- S&P's APLS assessment indicates greater than 125% total value
coverage in a liquidation scenario, which provides another notch
uplift over the DCP.

-- S&P's DIA assessment reflects its view that there are additional
risks that remain in the company's ability to successfully execute
the restructuring plan which relies significantly on the planned
assets sales and as an alternative, in the event an asset sale(s)
do not come to fruition, a potential equitization of the DIP
facility if the debtor is unable to obtain new money exit financing
to repay the DIP or a rollover of the DIP into an exit debt
facility. This results in a downward notch to 'BB-', the final
rating.


FIRST QUANTUM: Fitch Rates $1.5BB Unsecured Notes Due 2027 'B-'
---------------------------------------------------------------
Fitch Ratings has assigned Canada-based First Quantum Minerals
Ltd's (FQM; B-/Stable) new 6.875% USD1.5 billion notes due 2027 a
final senior unsecured rating of 'B-'. The Recovery Rating is
'RR4'.

The notes are senior unsecured obligations of FQM, and rank pari
passu with and benefit from the same guarantor group (representing
around 38% of consolidated EBITDA) as the existing notes. Fitch
notes that senior secured bank debt and the streaming agreement
linked to Cobra Panama rank ahead of the senior unsecured bonds.
The proceeds from the notes will be used towards (i) the repayment
of USD650 million existing revolving credit facility (RCF); and
(ii) the redemption in full of the company's outstanding USD850
million 2022 notes.

Gross debt is expected to remain broadly unchanged following
completion of the transaction as proceeds will be applied towards
repayment of existing financial indebtedness. The notes extended
the company's maturity profile and have improved liquidity.

FQM's 'B-' Long-term Issuer Default Rating is underpinned by solid
operational performance across operations and production growth in
Panama that will add geographic diversification away from Zambia,
which has proved to be a challenging operating environment. An
improving cost position, higher volumes and rebound of copper
prices will finally facilitate free cash flow (FCF) to turn
positive in 2H20 and create deleveraging capacity. The rating
factors in the high debt levels and comparatively weak credit
metrics of the group.

KEY RATING DRIVERS

Cobre Panama Ramping Up: The large greenfield project Cobre Panama
reached commercial production in September 2019. The project has
annual design throughput capacity of 85 million tonnes of ore a
year, which will expand to 100 million tonnes in 2023. Cobre Panama
will produce over 300,000 tonnes of copper per year in 2021-2022
contributing around 40% of total group production.

Cobre Panama was put on preservation and maintenance from April to
July due to coronavirus restrictions and has since resumed normal
operations. Its production guidance for 2020 was revised to
180,000-200,000 tonnes of copper, down by around 100,000 tonnes
from the initial pre-pandemic level.

Leverage Within the Guidance: Fitch forecasts funds from operations
(FFO) gross leverage to remain within 5.0x-5.5x during 2020-2021,
comfortably within the guidance for the rating. Fitch expects 2020
EBITDA to be around USD2.0 billion due to a 14% rise in copper
output as Cobre Panama's production increases and a gain from
hedges of over USD100 million. Fitch expects that FCF will turn
positive in 2H20 in the absence of further pandemic disruptions and
supported by growing copper price and that generated cash will be
used for debt repayment.

Fitch expects earnings to incrementally grow in 2021-2022 and FCF
in the range of USD130 million-USD400 million a year due to the
forecast copper price rebound and a continuous rise in production
in Panama. Fitch expects the company will be able to moderate FFO
gross leverage below 5x by end-2022. FQM's management has publicly
committed to a reduction in net debt/EBITDA towards 2x (before
adding the Franco-Nevada streaming agreement to debt).

Copper Bolstered by China: Global demand for copper is recovering
quicker than previously expected. This is thanks to healthy
consumption in China due to an economic stimulus package and demand
from construction as well as improving market sentiment. In the
rest of the world, demand will be subdued, CRU forecasts that
refined copper consumption will decrease by 3.2% in 2020 with a
4.3% recovery in 2021. In the medium term, the market is likely to
be closer to balance.

Country Ceiling: Fitch applies a multiple-countries approach to
determine the applicable Country Ceiling, which is Panama's at 'A'.
With the Cobre Panama ramp-up, FQM's earnings will be more evenly
spread between geographies. FQM derived over 70% of earnings from
its operations in Zambia in 2019. Panama's contribution will rise
towards 60% in 2023 when Cobre Panama's full capacity is reached.

Over the rating horizon, EBITDA from Panama more than sufficiently
covers FQM's cash interest expense of USD550 million-USD600
million. In 2020 the contribution from Panama will be below 30%.
However, together with EBITDA from Las Cruces (Spain) this will
cover interest expenses.

Challenging Environment in Zambia: FQM faces uncertainties when
committing long-term capital in Zambia such as regular disputes
with local partners and government bodies over contract terms and
tax calculations, and frequent changes in taxation. Historically
the company has also had to coordinate production schedules with
downtime of power supply, while higher water and lake levels have
eased risks around power supply disruptions for now.

During 2020 there has been little impact on the company's
operations. Over 2019, Zambia increased royalty rates for copper
and introduced a gold export levy, the latter was later suspended.
20% of VAT on power and 30% on fuel has become non-deductible,
which has a pre-tax cost impact of approximately USD16 million for
2020.

Mid-Point Cost Position: CRU estimates that FQM's mining operations
are on average close to the mid-point of the global business cost
curve. CRU expects that production at Cobre Panama will lower FQM's
cost position over time. Even reasonable growth assumptions for
electric vehicles are forecast to create an increase in demand for
copper and a rise in prices, as indicated by its copper price
assumptions. As a result, increasing production and improved cost
position should support cash-flow generation in the medium term.

Medium-Term Horizon for Large Projects: FQM continues to undertake
exploration at copper deposits Haquira in Peru and Taca Taca in
Argentina, both of which will require substantial development
capex. Exploration expenditure is discretionary and the final
investment decision for both projects is still several years away.
FQM plans to expand Kansanshi mine to increase annual throughput
from 25 million ton to 52 million ton per year and increase mine
life to 24 years. This project will require additional USD650
million capex spent in two years from 2H23. Fitch does not factor
these projects into its rating case.

Management has committed not to embark on new growth projects
before making progress with strengthening the balance sheet (with a
target of net debt/EBTIDA of 2x as reported by FQM).

DERIVATION SUMMARY

FQM is focused on copper and ranks among the top 10 global
producers. It is smaller and less diversified than its major peers,
Freeport-McMoRan Inc. (BB+/Stable) and Southern Copper Corporation
(SCC, BBB+/Stable). FQM has a global mid-ranking cost position for
business costs in comparison with SCC's first quartile position.
Over 70% of EBITDA came from Zambia in 2019, which Fitch views as a
challenging operating environment for mining companies. However,
its country exposure improves as production in Panama increases,
with earnings contribution from Zambia declining towards 40% over
the longer term.

FQM's financial profile is weaker than that of peers. FFO gross
leverage was 7.5x in 2019 due to high capex for Cobre Panama and
the negative impact of fiscal tightening in Zambia. Fitch forecasts
that gross leverage will remain elevated in 2020-2021.

Compared with Hudbay Minerals Inc (B+/Stable), FQM is larger in
scale, but has a higher cost position on the cost curve and weaker
credit metrics.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Copper price (USD/tonne) at 5,850 in 2020, 6,000 in 2021, 6,200
in 2022, 6,400 in 2023 and 6,700 long-term; gold price (USD/oz) at
1,700 in 2020, 1,400 in 2021 and flat at 1,200 thereafter;

  - Production in 2020 as per management guidance with output at
Cobre Panama gradually ramping up to above 300,000 tonnes as
planned;

  - Capex reduction as non-core and expansion projects are put on
hold, average annual capex in the next three years at USD700
million- USD800 million;

  - Increasing dividend pay-out from 2022 once FFO gross leverage
has decreased to well below 5x;

  - No changes in the tax regime in Zambia from the current state

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that FQM would be considered a
going-concern in bankruptcy and that it would be reorganised rather
than liquidated.

Fitch has applied a discount of 20% to a going concern EBITDA of
around USD1,963 million.

A 5.0x multiple was used to calculate the post-reorganisation
enterprise value (EV), which factors in peer comparison and FQM's
exposure, albeit decreasing, to Zambia.

The senior secured RCF is assumed to be fully drawn.

Secured debt reflected in the waterfall was USD2.5 billion of a
combined RCF and term-loan bank facility, and USD1.3 billion of a
streaming agreement with Franco-Nevada related to the Cobre Panama
project.

Senior unsecured debt reflected in the waterfall was USD6.3 billion
consisting of bonds, a USD285 million Kalumbila facility and USD200
million of deferred acquisition consideration related to a 10%
stake acquisition in Cobre Panama from LS-Nikko Copper Inc.

After deduction of 10% for administrative claims, its waterfall
analysis generated a ranked recovery in the 'RR4' band, indicating
a 'B-' instrument rating. The waterfall analysis output percentage
on current metrics and assumptions was 46%.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action/Upgrade

  - Successful ramp-up of the Cobre Panama project and/or
improvement in market conditions leading to FFO gross leverage
below 5.0x on a sustained basis

  - Return to sustainable positive FCF generation together with
reduction of gross debt

Developments That May, Individually or Collectively, Lead to
Negative Rating Action/Downgrade

  - FFO gross leverage sustained above 6.5x

  - Operational issues in Panama or Zambia further delaying the
expected increase in cash flow generation and improvement in credit
metrics

  - Measures taken by the governments of Zambia or Panama that
adversely affect cash flow generation or the operating environment

  - Weakening of the liquidity profile

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-June 2020, FQM's unrestricted cash
balances were USD882 million and Fitch expects that FCF in 2H20
will be marginally positive at around USD50 million. This covers
USD910 million short-term debt. The company's USD1.2 billion RCF
was fully utilised.

USD1.5 billion proceeds from the new notes will be used to repay
USD650 million of the RCF, hence providing headroom under the
facility. USD850 million proceeds will be used to repay the
outstanding 2022 bond in full. This will increase the maturity of
RCF and Kalumbila facility by one year, to December 2022.
Consequently, financial flexibility and liquidity position improved
as a result of issuance and the company is now funded until
December 2022. Fitch expects positive FCF of USD130 million in
2021.

ESG Considerations

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

SUMMARY OF FINANCIAL ADJUSTMENTS

  - A USD1.32 billion prepayment from Franco-Nevada was classified
as debt and added to the total debt amount in 2019;

  - A USD1.24 billion interest-bearing shareholder loan from KPMC
was excluded from debt;

  - A USD615 million bank overdraft was offset against USD1,138
million cash and cash equivalents, resulting in a net cash balance
of USD523 million;

  - USD27 million of cash was restricted at December 2019 to secure
the letters of credit issued on behalf of the company, reclassified
from long-term assets to 'restricted cash' balance-sheet line;

  - A USD200 million deferred purchase price relating to the
acquisition of a 50% interest in KPMC from LS-Nikko Copper was
treated as debt by Fitch; total consideration was USD664 million,
of which USD464 million was paid in 2017-2019.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.



FRONTERA GENERATION: S&P Cuts Debt Rating to CCC on Liquidity Risk
------------------------------------------------------------------
S&P Global Ratings lowered its rating on Frontera Generation
Holdings LLC's debt to 'CCC' from 'BB-' due to abrupt declines in
operating cash flows stemming from the consequences of the COVID-19
pandemic and near-term liquidity risks. S&P revised the recovery
rating to '2' from '1' and expects a recovery of about 70% based on
an earlier default year and weaker power prices for the next
several years.

"Our rating action reflects our view that Frontera could face a
liquidity crisis and risk nonpayment if power prices do not recover
materially within the next few months. Moreover, it might need
support from its sponsor to meet its upcoming debt service payments
beginning in 2021," S&P said.

S&P previously lowered its rating on Frontera's debt to 'BB-' from
'BB' in May 2020, because the company materially underperformed the
rating agency's debt paydown expectations, which the rating agency
considers key for projects with a term loan B structures (that rely
on cash flow sweeps) to reach the refinancing date with a
sustainable capital structure. However, S&P expected the project's
financial performance would be adequate in 2020 (but it was even
weaker than in 2019 due to COVID-19-related demand reduction that
reduced power prices).

The lack of a forward hedging market and price discovery in Mexico
leaves the project vulnerable to high volatility that have been
exacerbated by COVID-19-related demand declines (around 10% decline
between April and June). Second quarter 2020 results were much
lower than expected, with realized power prices about 70% below
those of the second quarter of 2019 ($15.6 per megawatt hour (MWh)
versus previous $50.7/MWh). This resulted in EBITDA generation of
less than $1 million, compared to $30.5 million EBITDA generation
in the second quarter of 2019.

Additionally, S&P notes that EBITDA generation in the fourth
quarter of 2019 was around $10 million, so fourth quarter 2020
results could be weaker considering the current market environment
with weaker demand. Moreover, as of Sept. 21, the project has fully
drawn its $35 million revolving facility. If the revolving facility
remains more than 35% drawn by the end of the quarter, it will
activate the 1.05x financial covenant. S&P notes however that the
project has the ability to repay part of the revolver before Sept.
30 and draw funds again in October if needed.

Frontera's debt maturity schedule is as follows:

-- Debt amortization payment of $1.9 million on Sept. 30 2020.

-- Interest service payment of around $11.1 million on Oct. 19
2020.

-- Debt amortization payment of $1.9 million on Dec. 30 2020.

-- Interest service payment of around $11 million on Jan. 19
2020.

While S&P forecasts third quarter performance will be stronger than
the second quarter and cash may be enough to cover the September
and October debt service, the rating agency believes the project
could face a liquidity crisis requiring external funding (such as a
contribution from its sponsor) to pay debt service if power prices,
which are typically higher in the summer months, do not recover
substantially by the fourth quarter.

"The outlook is negative, reflecting that, in our view, the project
is vulnerable to a covenant breach and liquidity crises in the
upcoming six months, exposing it to an event of default if power
prices do not recover materially in the remaining part of the year
or the sponsor or another party does not inject capital into the
project," S&P said.

S&P could lower the rating on the project's debt if it believes a
default or distressed exchange appears to be inevitable within six
months, absent unanticipated significantly favorable changes in
Frontera's circumstances.

"We would raise our rating on Frontera's debt if power prices
recover and its cash flow generation materially improves such that
we do not believe the project is vulnerable to nonpayment," the
rating agency said.


FTS INTERNATIONAL: Files for Chapter 11 With Prepackaged Plan
-------------------------------------------------------------
FTS International, Inc. (NYSE American: FTSI) on Sept. 21, 2020,
announced that it has entered into a second amended and restated
restructuring support agreement (the "RSA") with creditors holding
approximately 87.55% of the principal amount outstanding of the
company's secured debt (collectively, the "Consenting Creditors")
and intends to file voluntary cases under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas on September 22, 2020 (the "Court").

To implement the restructuring set forth in the RSA, the Company
commenced solicitation of votes on the Company's prepackaged
chapter 11 plan of reorganization (the "Plan") from the holders of
the Company's 6.250% senior secured notes due 2022 (the "Secured
Notes") and the Company’s term loan facility (the "Term Loan").
The Company intends to commence solicitation of votes from the
Company's existing equity interests following a "first-day" hearing
before the Court, expected to be held on or about September 24,
2020.

The Company will continue to operate in the ordinary course of
business during the restructuring, supported by the Consenting
Creditors' agreement to allow the Company to use existing cash to
fund the chapter 11 cases.  As of close of business on September
18, 2020, the Company's cash balance was $161 million.  The Company
intends to file a number of customary motions in the chapter 11
cases, including motions to allow the Company to continue to pay
employee wages and benefits and make payments to its suppliers and
other business partners.

                         Prepackaged Plan

According to a regulatory filing by FTS, under the Restructuring
Support Agreement, the Consenting Creditors have agreed, subject to
certain terms and conditions, to support a financial restructuring
of the existing debt of, existing equity interests in, and certain
other obligations of the Company Parties, pursuant to the Plan and
related disclosure statement, under which the Company Parties will
file petitions for voluntary relief under chapter 11 of title 11 of
the United States Code.

The Restructuring Support Agreement and the Plan contemplate, among
other things:

    * the Consenting Creditors' consent to the use of cash
collateral securing the Secured Debt Claims to fund the Chapter 11
Cases consistent with the terms set forth in the Plan and as
otherwise acceptable to the Required Consenting Creditors;

    * on the Effective Date, the Reorganized Debtors may enter into
the New Revolving Exit Facility on terms acceptable to the Required
Consenting Creditors;

    * on the Effective Date, in full and final satisfaction,
settlement, release, and discharge of and in exchange for each
Allowed Secured Debt Claim, each Holder of an Allowed Secured Debt
Claim shall receive its Pro Rata share of and interest in Pro Rata
share of and interest in (i) the Cash Consideration and (ii) 90.1%
of the New FTS Equity, subject to dilution on account of the
Management Incentive Plan and the Warrants, minus the Class 4
Recovery Deduction;

    * each Holder of an Allowed Other Unsecured Claim shall receive
its Pro Rata share of and interest in the Unencumbered Plan
Recovery at the applicable Debtor;

    * each Holder of an Allowed Ongoing Business Claim shall
receive, as applicable, either: (i) Reinstatement of such Allowed
Ongoing Business Claim pursuant to section 1124 of the Bankruptcy
Code; (ii) payment in full in cash on the later of (A) the
Effective Date or as soon as reasonably practicable thereafter, or
(B) the date such payment is due in the ordinary course of business
in accordance with the terms and conditions of the particular
transaction giving rise to such Allowed Ongoing Business Claim; or
(iii) such other treatment rendering such Allowed Ongoing Business
Claim Unimpaired;

    * at the option of the Reorganized Debtors, Intercompany Claims
and Intercompany Interests shall be either Reinstated or cancelled
and released without any distribution; and

    * FTS Common Interests will receive their Pro Rata share of and
interest in (i) 9.9% of the New FTS Equity, subject to dilution on
account of (i) the Management Incentive Plan and (ii) the
Warrants.

A copy of the Disclosure Statement was included in the SEC filing,
which is available at
https://www.sec.gov/Archives/edgar/data/1529463/000110465920107047/tm2031377d1_ex99-1.htm

                      About FTS International

Headquartered in Fort Worth, Texas, FTS International Inc. --
http://www.FTSI.com/-- is an independent hydraulic fracturing
service company and one of the only vertically integrated service
providers of its kind in North America.

As of March 31, 2020, the Company had $616 million in total assets,
$587 million in total liabilities, and $29 million in total
stockholders' equity.

On Sept. 22, 2020, FTS International and two affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34622) to
seek confirmation of a prepackaged plan.

Kirkland & Ellis LLP and Winston & Strawn LLP are acting as legal
counsel, Lazard Frères & Co., LLC is acting as financial advisor,
and Alvarez & Marsal LLP is acting as restructuring advisor to the
Company in connection with the restructuring.  Epiq is the claims
and solicitation agent.


FTS INTERNATIONAL: Moody's Cuts PDR to D-PD on Bankruptcy Filing
----------------------------------------------------------------
Moody's Investors Service downgraded FTS International, Inc.'s
(FTSI) Probability of Default Rating (PDR) to D-PD from Ca-PD.
FTSI's other ratings were affirmed, including the Ca Corporate
Family Rating (CFR) and Ca senior secured debt ratings. The SGL-3
Speculative Grade Liquidity (SGL) rating is unchanged. The outlook
is negative.

These actions follow the company's bankruptcy filing on September
22, 2020.

Downgrades:

ssuer: FTS International, Inc.

Probability of Default Rating, Downgraded to D-PD from Ca-PD

Affirmations:

Issuer: FTS International, Inc.

Corporate Family Rating, Affirmed Ca

Senior Secured Term Loan, Affirmed Ca to (LGD3) from (LGD4)

Senior Secured Notes, Affirmed Ca to (LGD3) from (LGD4)

Outlook Actions:

Issuer: FTS International, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

FTSI filed for bankruptcy under Chapter 11 which has resulted in
the downgrade of its PDR to D-PD. [1] The affirmations of FTSI's Ca
CFR and Ca senior secured debt ratings reflect Moody's view on
expected recoveries for the debt instruments. Shortly following
this rating action, Moody's will withdraw all of FTSI's ratings.

FTSI, headquartered in Fort Worth, Texas, is a provider of
hydraulic fracturing services to exploration and production
companies.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.


GALILEO LEARNING: Asks Court for Dec. 2 Plan Exclusivity Extension
------------------------------------------------------------------
Galileo Learning, LLC, and Galileo Learning Franchising, LLC
request the U.S. Bankruptcy Court for the Northern District of
California, Oakland Division, to extend the exclusive periods for
filing a Chapter 11 plan and soliciting acceptances of that Plan
through and including December 2, 2020, and February 1, 2021,
respectively.

The Debtors contend that the requested exclusivity extension is in
the best interests of the Debtors, their creditors, and other
parties in interest; and is consistent with the intent and purpose
of chapter 11 of the Bankruptcy Code. The Debtors have made
progress in discussions with the Committee, with counsel for
class-action plaintiff Nanette Kearney, and with the Debtors'
credit card processing vendor Priority Payment Systems, LLC (PPS)
regarding potential plan structures.

Unsurprisingly, uncertainties remain regarding the availability of
in-person camp classes next summer due to the ongoing COVID-19
pandemic, the growth of the Debtors' on-line camp revenue, and
revenue from other new products, and the scope of their liabilities
for credit card chargebacks.

The Debtors state they are paying their bills as they become due in
the ordinary course of business. Through prudent business decisions
and cash management, the Debtors have sufficient resources to meet
their required post-petition payment obligations, and are managing
their businesses effectively and preserving the value of their
assets for the benefit of creditors.

Additional time likely will enable the Debtors to create more
accurate estimates of future revenue, expenses, and liabilities,
all of which are factors the Debtors must analyze to disseminate
feasible plans of reorganization.

Based on the May 6, 2020 Petition Date, the Debtors' exclusive
filing period was set to expire September 3, 2020, and their
exclusive solicitation period on November 2, 2020, respectively.

                      About Galileo Learning

Galileo Learning, LLC operates innovative and educational summer
camps for pre-kindergarteners through 10th graders. In its 18 years
of operation, Galileo Learning has invested more than $10 million
in the development of more than 2,500 hours of unique curriculum
offerings.

Galileo Learning and its wholly-owned subsidiary, Galileo Learning
Franchising LLC, sought Chapter 11 protection (Bankr. N.D. Cal.
Lead Case No. 20-40857) on May 6, 2020. The petitions were signed
by Glen Tripp, chief executive officer of Galileo Learning and sole
member of Galileo Learning Franchising.

Galileo Learning estimated assets and liabilities of $10 million to
$50 million while Galileo Learning Franchising estimated assets of
$1 million to $10 million and estimated liabilities of less than
$50,000.

Judge William J. Lafferty oversees the cases. The Debtors hired
Hanson Bridgett, LLP as bankruptcy counsel and Tyton Partners
Capital Markets, LLC as an investment banker and financial advisor.
Stretto is the claims and noticing agent.

The U.S. Trustee for Region 17 appointed a committee of unsecured
creditors.  The committee is represented by Levene, Neale, Bender,
Yoo & Brill L.L.P.  The Committee retained GlassRatner Advisory &
Capital Group, LLC as its financial advisor.



GARRETT MOTION: Bondholders Discuss Alternative Financing
---------------------------------------------------------
Katherine Doherty of Bloomberg News, citing people with knowledge
of the matter, reports that junior creditors to auto supplier
Garrett Motion Inc. are preparing a rival proposal to provide the
bankrupt company with financing for its restructuring.

The group of bondholders organized and is in the process of hiring
investment bank Moelis & Co. to represent them in the case and
submit an offer for a debtor-in-possession loan, the people said,
asking not to be identified discussing a private matter. The group
is getting legal advice from Ropes & Gray, Bloomberg previously
reported.

Garrett filed bankruptcy this week, struggling to deal with a
pandemic-related slowdown in business on top of asbestos liability
reimbursements it owes to its former parent Honeywell International
Inc. The payments Garrett owes to Honeywell relate to asbestos
claims stemming from Honeywell’s old Bendix brake business.

The original $250 million bankruptcy financing package that
Switzerland-based Garrett proposed was attacked by shareholders and
Honeywell, in part because it contained deadlines that could rush a
potential $2.1 billion sale to KPS Capital Partners. The deal had
the support from holders of 61 percent of its outstanding senior
secured debt but didn’t include a plan to resolve the asbestos
liabilities, which sit behind other forms of debt in line for
repayment.

A potential debtor-in-possession loan from the bondholder group
would also be around $250 million, the people said, but could be
longer-term financing and remove milestones tied to a potential
sale of the company.

Honeywell objected to the KPS deal in a court hearing Monday,
saying it would relieve Garrett of its responsibility for the
asbestos payments, and Garrett agreed to consider a rival financing
deal submitted by Oaktree Capital Management and Centerbridge
Partners.

The two investment firms are seeking the support of Honeywell for
their proposed bankruptcy loan as they consider making a bid for
Garrett's assets, Bloomberg reported Wednesday. Oaktree and
Centerbridge aim to cut a deal with Honeywell to resolve Garrett's
$1.3 billion in disputed asbestos liabilities and win the
conglomerate's approval for their bid.

A final debtor-in-possession loan must be approved by the court and
gain support from Garrett's senior and junior creditors.

Garrett Motion, which makes turbochargers, ranks No. 67 on the
Automotive News list of top 100 global suppliers with 2019 sales to
automakers of $3.25 billion. The company's largest customer is Ford
Motor Co., which accounted for 12 percent of 2019 sales, according
to its annual report.

                      About Garrett Motion

Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs,
manufactures and sells highly engineered turbocharger and
electric-boosting technologies for light and commercial vehicle
original equipment manufacturers ("OEMs") and the global vehicle
and independent aftermarket.

Garrett Motion and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020.

Garrett disclosed $2,066,000,000 in assets and $4,169,000,000 in
liabilities as of June 30, 2020.

The Debtors tapped SULLIVAN & CROMWELL LLP as counsel; QUINN
EMANUEL URQUHART & SULLIVAN LLP as co-counsel; PERELLA WEINBERG
PARTNERS as investment banker; MORGAN STANLEY & CO. LLC as
investment banker; and ALIXPARTNERS LLP as restructuring advisor.
KURTZMAN CARSON CONSULTANTS LLC is the claims agent.


GCI LLC: Moody's Rates New $600MM Senior Unsecured Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to GCI, LLC's
proposed $600 million senior unsecured notes. In connection with
the financing, the company is also upsizing its Senior Secured Term
Loan B to $400 million. The proceeds from the new unsecured notes,
the loan, as well cash on balance sheet and revolver draw, totaling
approximately $825 million, will be used to fully repay $775
million in existing notes, including the 6.625%, $325 million
unsecured notes (due 2024) and the 6.875%, $450 million unsecured
notes (due 2025) -- "the Refinancing". All ratings, including the
B2 Corporate Family Rating (CFR), B2-PD Probability of Default
Rating (PDR), and all existing instrument ratings are unaffected by
the financing. The outlook is stable.

Assignments:

Issuer: GCI, LLC

Senior Unsecured Notes, Assigned B3 (LGD5)

On August 6, GCI Liberty and Liberty Broadband Corporation
announced [1] that they had signed an agreement for a combination
(the "Merger"). In the Merger, Liberty Broadband Corporation will
become GCI's Parent entity (referred to herein as "Parent"). The
Merger will be executed in a stock-for-stock exchange in which the
Parent will acquire all the outstanding shares of Series A common
stock, Series B common stock, and Series A Cumulative Redeemable
Preferred Stock of GCI Liberty. As a result of the proposed Merger,
John Malone (the "largest shareholder") will have beneficial
ownership of not more than approximately 49% of the Parent's
aggregate outstanding voting power, with exchange rights to
preserve his power for dilutive events. John Malone currently has
27.5% of the vote at GCI Liberty and 49% of the vote at Liberty
Broadband Corporation. The proposed Merger will also combine the
largest shareholder's two cable related investments into one,
simplified holding structure. Subject to the receipt of stockholder
votes, regulatory approvals and other customary conditions, the
Parties anticipate that the Merger will close in 2021.

Moody's views the Refinancing, and planned Merger, overall, as
credit negative to GCI. Positively, the Merger and Refinancing will
substantially increase the amount of Charter stock held by GCI's
Parent, generate some interest savings, and result in an extended
maturity profile. However, Moody's views it as credit negative
overall since the Merger will shift the net asset value of GCI's
current ownership in Liberty Broadband shares, worth approximately
$5.5 billion (and the related collateralized margin loan) outside
the corporate family. Additionally, the Refinancing will weaken
covenant protections with elimination of the 6.5x total net
leverage maintenance test in the existing credit agreement, the
elimination of the $3 billion minimum net asset restricted payment
test, and increases debt close to 0.5x. Upon completion of the
Merger, GCI will have flexibility under its debt agreements to
distribute its investments in publicly owned shares, including
Charter and Lending Tree, to its Parent. Moody's believes those
investments, which have appreciated, combined with the Charter
stock at Liberty Broadband Corporation will be readily available to
periodically recapitalize GCI when necessary, consistent with past
practice.

RATINGS RATIONALE

The credit profile is constrained by moderate governance risk. The
company's largest shareholder has a history of managing assets in
complex organizational structures, executing tax-free asset swaps
among separately managed companies, and using a high degree of
financial engineering to optimize investment returns while
balancing credit risk. The location, value, mix, and accessibility
of pledged and unpledged assets both within the corporate family,
and outside, can vary with limited restrictions, making the
permanence of the corporate structure uncertain. Additionally,
while financial policy has generally been balanced, with moderate
leverage (between 4x-5x), no dividends paid, and a history of
equity contributions to GCI, the company's debt agreement permits
higher leverage with the elimination of debt incurrence. Moody's
also views negatively, the company's small operational scale and
limited geographic diversity with regional concentration in one
state, which has experienced a weak economy that is highly
dependent on oil markets. Strong competition, and a secular decline
in pay-tv video and wireline voice, weigh on operating performance.
Regulatory risks are also a constraint, with a significant
percentage of revenue derived from government subsidies and
regulated pricing which can result in lower revenues and delayed
cash collection cycles, causing significant working capital
deficits. In combination with the capital-intensive nature of the
business and its interest burden, the company has been periodically
dependent on equity contributions to cover its variability in cash
flows which can be negative.

GCI's credit profile is supported by its significant unencumbered
assets, though GCI will have the flexibility under its debt
agreements to distribute these assets to its Parent upon the
closing of the Merger. GCI's credit profile also benefits from
potential support from its Parent, which will own shares of Charter
Communications, Inc. (Charter, Ba2 stable) common stock worth close
to $38 billion if the Merger is consummated. Pro forma for the
planned Merger, Moody's expects the Charter stock owned by GCI will
be about 2x rated debt, and total assets (including Lending Tree)
to be over 3x. Moody's estimates Charter stock owned outside GCI,
net of loans, will be approximately $30 billion or more than 20x
GCI rated debt. Liberty Broadband is the largest shareholder of
Charter with total fully diluted equity ownership of approximately
22.2% (24.4% pro forma for the Merger) which Moody's believes is
critically important to the reporting structure of GCI's parent.
The telecommunications operating company is also the leading
communications provider in Alaska delivering a quad of services
with significant market share in each. Strong broadband demand
drivers support stable to modest organic revenue growth, and good
EBITDA margins in the mid to high 30% range. The business model has
a high mix of recurring revenues from a large base of mostly small
residential customers.

GCI's SGL-2 speculative grade liquidity rating reflects good
liquidity supported by cash balances of near $95 million, $65
million pro forma for the transaction solid availability of at
least $245 million under the $550 million revolver, ample headroom
under loan covenants, and very substantial alternate liquidity in
the value of unencumbered assets.

The senior secured bank credit facility (including the Term Loan B
and Revolving Credit Facility) is rated Ba2 (LGD2), three notches
higher than the B2 CFR. Lift is supported by substantial senior
unsecured claims which represent nearly 50% of the capital
structure. Moody's rates the unsecured notes B3 (LGD5), one notch
below the CFR, reflecting its junior claim relative to the senior
secured bank facility. Instrument ratings incorporate a B2-PD
probability of default rating and an expectation of an average
recovery in bankruptcy (e.g. 50%) given the mixed capital
structure, with both senior and junior claim priorities. Lease
rejection claims and trade payables are insignificant to instrument
ratings given their small claim sizes relative to funded debt.

A subsidiary of GCI is borrower on a $500 million committed
revolving facility provided by GCI's Parent which provides
approximately one notch of lift to both the secured and unsecured
ratings. GCI management has confirmed that the facility will remain
an obligation of a GCI subsidiary following the contemplated
Merger. If the committed facility is partially reduced or fully
eliminated, the instrument ratings (both secured and unsecured)
could be downgraded by 1 notch assuming no other changes in the
financial profile or debt structure.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Moody's believes telecommunication service providers generally have
less exposure than many other sectors, and expect increased demand
for voice, video and data during the current crisis are likely to
temporarily improve operating performance metrics. As of June 30,
the company was able to grow revenue generating data and wireless
subscribers by 7,800 and 7,700 year to date, respectively. Video
viewership and engagement are rising sharply, with subscribers
spending an extraordinary amount of time watching TV for news and
entertainment comfort with the complete shut-down of US cinemas.
Broadband data demand has increased significantly, and usage is
more evenly distributed with the sudden and very sharp rise in
remote workers. Most of the US workforce (excluding essential,
front-line workers) are now using their internet full-time, for
voice, data, and video communications. Additionally, online
commerce and remote learning are drawing significant demand for
communication services. Moody's realizes there will be significant
disruption to direct selling, on-premise installations and service,
payments from residential and small and medium sized businesses,
advertising, certain programming (sports and new production /
content), and operations (component supply chains, construction /
network upgrades). However, Moody's expects any temporary negative
implications will most likely to partially or fully offset by the
favorable effects of the pandemic.

The stable outlook reflects its expectation that debt and annual
revenues and EBITDA will average approximately $1.4 billion, $900
million, and up to $340 million, respectively over the next 12-18
months. Moody's projects EBITDA margins in the mid to high 30%
range. Net of capital spending (with capex to revenue averaging
near 15%, as reported) and the burden of interest expense (equal to
near 4.5% of debt), Moody's expects annual free cash flow to
average at least $100 million over the next 12-18 months, depending
on swings in working capital which is highly variable due to
unpredictable government collection cycles. Its annual revenue
growth projections assume video will, on average, fall by
mid-single digit percent, wireless will be flat to up by low
single-digit percent, and data will average 2%-4%. Moody's expects
the leverage ratio to be approximately 4.5x by the end of 2021,
remaining inside its tolerances with good liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if gross debt/EBITDA (Moody's adjusted)
is sustained below 4.5x, free cash flow to debt (Moody's adjusted)
is sustained above 7.5%, and there is not a material and
unfavorable change in the value, mix, accessibility, or location of
unpledged assets held inside or outside the corporate family. A
positive rating action could also be considered if the Company's
liquidity profile improved, there were favorable changes in
regulations, scale or diversity increased, operating performance
stabilized or improved, financial policy was more conservative, or
governance risk moderated.

The ratings could face downward pressure if gross debt/EBITDA
(Moody's adjusted) is sustained above 5.5x, free cash flow to debt
(Moody's adjusted) is sustained below 2.5% or there was a material
and unfavorable change in the value, mix, accessibility, or
location of pledged or unpledged assets held inside or outside the
corporate family. A negative rating action could also be considered
if liquidity deteriorated, financial policy turned more aggressive,
or parental support was considered unlikely.

GCI owns and operates interests in a broad range of communications
businesses. Its principal operating asset is a leading integrated,
facilities-based communications provider based in Anchorage,
Alaska, offering local and long-distance voice, wireless, video,
and data services to consumer and commercial customers throughout
the state. GCI also holds equity interests in Charter (2%) Liberty
Broadband (23%, which owns approximately 22% of Charter stock), and
Lending Tree (26%). The company generated approximately $920
million in revenue for the last 12 months ended June 30, 2020.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.


GENOCEA BIOSCIENCES: FDA Accepts GEN-011 IND Application
--------------------------------------------------------
The U.S. Food and Drug Administration has accepted Genocea
Biosciences, Inc.'s Investigational New Drug (IND) Application for
GEN-011, an adoptive T cell therapy targeting neoantigens and
designed to improve upon the limitations of TIL and TCR therapies.
The IND allows Genocea to initiate a Phase 1/2a clinical study of
GEN-011 in patients who have failed standard-of-care checkpoint
inhibitor therapy.  The trial will evaluate safety, T cell
proliferation and persistence as well as clinical activity.

"GEN-011 builds on the power of our ATLAS platform, as demonstrated
in our GEN-009 clinical trial, to identify the relevant neoantigens
which drive robust anti-tumor T cell responses in patients,
regardless of HLA type," said Chip Clark, president and chief
executive officer of Genocea.  "Using a patient's peripheral T
cells, already programmed to kill cancer cells with relevant
neoantigens, enables this non-engineered therapy to rapidly scale.
We therefore believe GEN-011 may eventually offer efficacy,
accessibility and cost advantages to patients and providers."

Genocea plans to enroll up to 24 patients across several tumor
types in the Phase 1/2 trial.  In one cohort, patients will receive
multiple low doses of GEN-011 with low-dose IL-2 and without
lymphodepletion.  In the other cohort, patients will receive a
single GEN-011 dose after lymphodepletion and a high dose of IL-2.

                       About Genocea Biosciences

Headquartered in Cambridge, Massachusetts, Genocea --
http://www.genocea.com/-- is a biopharmaceutical company
developing personalized cancer immunotherapies.  The Company uses
its proprietary discovery platform, ATLAS, to profile CD4+ and
CD8+T cell (or cellular) immune responses to tumor antigens.

Genocea reported a net loss of $38.95 million for the year ended
Dec. 31, 2019, compared to a net loss of $27.81 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$40.52 million in total assets, $32.48 million in total
liabilities, and $8.04 million in total stockholders' equity.

Ernst & Young LLP, in Boston, Massachusetts, the Company's auditor
since 2009, issued a "going concern" qualification in its report
dated Feb. 13, 2020 citing that the Company has suffered recurring
losses from operations, has a working capital deficiency, and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.


GKS CORP: U.S. Trustee Appoints New Committee Member
----------------------------------------------------
The Office of the U.S. Trustee on Sept. 23, 2020, appointed a new
member to the official committee of unsecured creditors in the
Chapter 11 case of GKS Corporation.

The new member is:

     Julia M. Fiore
     c/o Richard E. Fiore, Jr.
     291 Honey Pot Road
     Westfield, MA 01085

The bankruptcy watchdog had earlier appointed five unsecured
creditors to the committee, court filings show.

                       About GKS Corporation

GKS Corporation owns and operates a continuing care retirement
community and assisted living facility for the elderly.  It is a
50-acre country village setting in Southwick, Mass., with easy
access to healthcare services, transportation, shopping and
recreation.  Visit http://www.theamericaninn.net/for more
information.

GKS Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 19-30998) on Dec. 26,
2019.  At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.

Michael J. Goldberg, Esq., at Casner & Edwards, LLP, is the
Debtor's legal counsel.  Toby Shea of OnePoint Partners, LLC serves
as the Debtor's chief restructuring officer.


GLOBAL MEDICAL: Moody's Cuts Senior Secured Debt Rating to B2
-------------------------------------------------------------
Moody's Investors Service affirmed Global Medical Response, Inc.'s
corporate ratings, including its B2 Corporate Family Rating (CFR),
B2-PD Probability of Default Rating (PDR) and Caa1 rating of
unsecured term loan and unsecured notes. At the same time, Moody's
downgraded GMR's senior secured debt rating to B2 from B1. The
outlook is stable.

The downgrade of the first lien term loan reflects the proposed
change in the company's capital structure. The company will
increase the senior secured debts due 2025 by $370 million and use
the proceeds to retire the $370 million unsecured notes due 2023.
The downgrade of the company's senior secured debt rating reflects
the increase in expected loss, as the level of cushion provided by
the junior unsecured capital will be reduced.

The affirmation of the B2 CFR reflects the leverage neutral nature
of the transaction. The proposed change in the capital structure is
slightly credit positive for the CFR (despite negatively affecting
the senior secured debt rating) because it will extend debt
maturities and reduce interest expense.

The following ratings were downgraded:

Global Medical Response, Inc.

$1.5 billion senior secured loan (including $130 million upsize)
due 2025 to B2 (LGD3) from B1 (LGD3)

$1.455 billion senior secured first lien term loan due 2025 to B2
(LGD3) from B1 (LGD3)

$740 million secured notes (including $240 million upsize) due 2025
to B2 (LGD3) from B1 (LGD3)

The following ratings were affirmed:

Global Medical Response, Inc.

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

$730 million unsecured term loan due 2026 at Caa1 (LGD6 from LGD5)

The following rating was affirmed and will be withdrawn at the
close of the refinancing transaction:

Global Medical Response, Inc.

$370 million unsecured notes due 2023 at Caa1 (LGD6 from LGD5)

The following rating remains unchanged and will be withdrawn at the
close of the refinancing transaction:

Global Medical Response, Inc.

$1.9 billion senior secured term loan due 2022 at B1 (LGD3)

Outlook action:

The outlook is stable

RATINGS RATIONALE

GMR's B2 Corporate Family Rating reflects its high leverage,
exposure to weather fluctuations in the air transport business and
legislative uncertainties surrounding out-of-network
reimbursements. Moody's estimates that the company's debt/EBITDA
was approximately 5.8 times as of June 30, 2020, including the
benefit of government grant aid in the second quarter of 2020.
GMR's ratings benefit from the company's leading position as a
provider of both air and ground emergency medical transportation
services. The ratings benefit from a track record of successful
integration of past acquisitions, significant diversification by
geography, payor and services.

The rating outlook is stable. The stable outlook reflects Moody's
view that GMR will generate low-to-mid single-digit organic EBITDA
growth and will continue to expand its footprint through tuck-in
acquisitions.

As a provider of emergency transport services, GMR faces high
social risk. An industry structure where a significant proportion
of emergency transport services are provided on an out-of-network
basis results in patients getting "surprise medical bills". Several
legislative proposals have been introduced in the U.S. Congress
that aim to eliminate or reduce the impact of such bills. Due to
reasons like the coronavirus pandemic and upcoming elections, the
progress for any surprise medical bill legislation has been slow.
Nevertheless, there is continued risk of a legislative action that
would adversely impact the company's profitability.

GMR's financial policies are expected to remain aggressive
reflecting its ownership by a private equity investor. The company
adopted an aggressive acquisition strategy since it was acquired by
KKR in 2015. Following KKR's ownership, the company made two large
scale acquisitions -- Air Medical Resources Group Inc. (an air
ambulance company) in 2017 and American Medical Response, Inc.
(ground medical transportation company) in 2018, mostly funded with
debt.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if the company sustains revenue growth
and maintains profitability such that adjusted debt to EBITDA
declines below 5.5 times. Reduced risks around surprise medical
bill legislation with respect to the air business could also
support an upgrade.

Ratings could be downgraded if operating performance deteriorates
for reasons including adverse legislative actions; if GMR's
financial policies become more aggressive, or if liquidity weakens.
Ratings could also be downgraded if debt/EBITDA is sustained above
6.5 times.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Global Medical Response, Inc provides air, ground, specialty and
residential fire services, and managed medical transportation
through its wholly owned subsidiaries -- Air Medical Group Holdings
LLC and AMR Holdco, Inc. The company is owned by Kohlberg Kravis
Roberts & Co. L.P (KKR). Net revenues were approximately $4.3
billion for the last twelve months ended June 30, 2020.


GLOBAL PARTNERS: Moody's Alters Outlook on B1 CFR to Stable
-----------------------------------------------------------
Moody's Investors Service affirmed Global Partners LP's (GLP) B1
Corporate Family Rating (CFR), B1-PD Probability of Default Rating
(PDR) and B2 ratings of its senior unsecured notes due 2027.
Concurrently, Moody's assigned a B2 rating to GLP's proposed $350
million of senior unsecured notes due 2029. The B2 rating of the
senior unsecured notes due 2023 remains unchanged and will be
withdrawn upon redemption of the notes. GLP's SGL-3 Speculative
Grade Liquidity (SGL) rating remains unchanged. The outlook was
changed to stable from negative.

The change in GLP's outlook to stable reflects Moody's expectation
that leverage will remain below 6x as GLP continues to successfully
navigate challenging industry conditions and benefits from strong
EBITDA generation in the second quarter of 2020 from large shifts
in the forward product pricing curve. The stable outlook also
reflects the benefits from refinancing the senior notes due 2023
which extends debt maturities and demonstrates proactive balance
sheet and capital management.

Assignments:

Issuer: Global Partners LP

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5)

Affirmations:

Issuer: Global Partners LP

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5)

Outlook Actions:

Issuer: Global Partners LP

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

GLP's B1 CFR reflects the partnership's long operating history,
vertically integrated refined product distribution system, and
strong market presence in the northeastern US offset by the risks
inherent in the master limited partnership business model.

GLP generated additional earnings from large shifts in the forward
product pricing curve during the second quarter of 2020, that will
cushion quarterly decline in EBITDA in its core operations. GLP
also had higher fuel margins, notwithstanding lower gasoline
volumes and lower activity in the convenience stores because of
COVID-19. Demand for gasoline has bottomed in the second quarter of
2020 and is recovering. While Moody's does not expect GLP to
generate additional EBITDA from its Wholesale segment in the
subsequent quarters, as it did under the contango market structure
in the second quarter, volumes and activity levels still remain
below pre-pandemic levels, GLP's credit metrics should now be
positioned in line with the B1 CFR expectations.

The stable outlook reflects Moody's view that GLP will maintain
leverage below 6x while continuing to navigate through the
uncertain operating environment.

The SGL-3 rating reflects Moody's expectation that GLP will
maintain adequate liquidity into mid-2021. As of June 30, 2020, GLP
had $10 million of cash on its balance sheet. GLP has $770 million
in commitments under its working capital facility and $400 million
for the revolver. The credit facilities expire in April 2022 and
GLP will need to proactively manage extension of the maturities to
maintain its adequate liquidity position. The credit facilities
have several covenants, including leverage covenant that will step
down in the second quarter of 2021. Moody's anticipates GLP will
have limited flexibility under the leverage covenant in 2021 and
may need to amend it. The working capital facility is governed by a
borrowing base. As of June 30, 2020, GLP had $217 million drawn on
its working capital facility, $188 million drawn on its revolver,
and $40 million in letters of credit outstanding. The company plans
to use the proceeds from the proposed $350 million notes to
refinance $300 million 2023 notes, pay the call premium and
transaction fees and expenses and partially repay amounts
outstanding under the revolver. Following the refinancing of the
senior notes due 2023, GLP's next significant maturity will be in
2027 and then in 2029.

GLP's $400 million of senior unsecured notes due 2027 and proposed
$350 million of senior unsecured notes due 2029 are rated B2, one
notch below the CFR. Moody's views the B2 rating as more
appropriate than the ratings suggested by its loss given default
framework. The notes are effectively subordinated to the secured
credit facilities.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to a downgrade include debt/EBITDA
approaching 6x, distribution coverage below 1.2x or margin
compression.

Factors that could lead to an upgrade include debt/EBITDA sustained
below 4x while growing the business and maintaining consistent
operating performance.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

GLP, headquartered in Waltham, Massachusetts, is a publicly-traded
master limited partnership. GLP operates an integrated refined
products distribution system through its terminal network,
wholesale operations and retail gasoline stations. Global GP LLC,
controlled by the Slifka family, is GLP's general partner. As of
June 30, 2020, affiliates of the general partner owned about 18% of
the GLP limited partner interests.


GNC HOLDINGS: Settles Asset Sale With Creditors
-----------------------------------------------
Daniel Gill of Bloomberg Law reports that bankrupt nutrition
products retailer GNC Holdings Inc. reached a settlement with its
creditors to amend terms of a planned sale to its largest
shareholder, China-based Harbin Pharmaceuticals, boosting sale
proceeds that would be used to repay debt holders.

The global settlement paves a way for the bankruptcy court to
confirm a consensual Chapter 11 plan for the case that has been
contentious since it was filed in June. Harbin, the unsecured
creditors committee, and ad hoc committees representing various
lender groups have agreed to the settlement, submitted Tuesday,
September 22, 2020, in the U.S. Bankruptcy Court for the District
of Delaware.

                      About GNC Holdings

GNC Holdings Inc. -- http://www.gnc.com/-- is a global health and
wellness brand with a diversified omni-channel business. In its
stores and online, GNC Holdings sells an assortment of performance
and nutritional supplements, vitamins, herbs and greens, health and
beauty, food and drink, and other general merchandise, featuring
innovative private-label products as well as nationally recognized
third-party brands, many of which are exclusive to GNC Holdings.

GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020. The Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Evercore Group, LLC as investment
banker and financial advisor; FTI Consulting, Inc., as financial
advisor; and Prime Clerk as claims and noticing agent. Torys LLP is
the legal counsel in the Companies' Creditors Arrangement Act
case.


GREEN GROUP: Seeks Approval to Hire Spiegel LLC as Accountant
-------------------------------------------------------------
Green Group 11 LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Spiegel, LLC as
accountant.

The firm will render these professional services to the Debtor:

     (a) Monitor the Debtor's financial activities;

     (b) Assist in or the preparation of and/or review monthly
operating reports, budgets and projections;

     (c) Review the filed claims for reasonableness against the
Debtor's records and filing schedules;

     (d) Interact with the creditors' committee and its retained
professionals, should one be appointed;

     (e) As required, attend meetings with the Debtor and counsel,
meetings with any creditors' committee and attend Court hearings as
necessary;

     (f) Assist in the preparation of the Debtor's Plan of
Reorganization and the Disclosure Statement; and

     (g) Such other services as may be requested by the Debtor.

Spiegel estimates that its charges will be not exceed $15,000 plus
reimbursement of out-of-pocket costs.

Spiegel, LLC is a "disinterested person" as that term is defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached at:
   
     SPIEGEL, LLC
     26 1st Ave.
     New York, NY 10009-7903
     Telephone: (646) 420-7005

                                  About Green Group 11

Green Group 11 LLC is the owner and operator of a grocery store
located at 220 Greene Avenue Brooklyn, NY 11238.

Green Group 11 LLC, based in Brooklyn, NY, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 19-40115) on Jan. 8, 2019. In
the petition signed by Michael Kandhorov, manager, the Debtor
estimated $6,000 in assets and $1,895,562 in liabilities. The Hon.
Nancy Hershey Lord oversees the case. The Debtor tapped Ira R.
Abel, Esq., at the Law Office of Ira R. Abel, as bankruptcy counsel
and Spiegel, LLC as accountant.


GROUPE DYNAMITE: Files for Bankruptcy Protection Under CCAA
-----------------------------------------------------------
Groupe Dynamite Inc. sought and obtained an initial order under the
Companies' Creditors Arrangement Act from the Quebec Superior Court
(Commercial Division), district of Montreal on Sept. 8, 2020.
Deloitte Restructuring Inc. was appointed to monitor the business
and financial affairs of Groupe Dynamite as an officer of the
Court.  Under the Initial Order, the Court ordered a stay of any
proceeding or action against Groupe Dynamite or its property.

A copy of the Initial Order and the Monitor's report are available
on the Monitor's website at
https://www.insolvencies.deloitte.ca/GDI.

The Monitor can be reached at:

   Deloitte Restructuring Inc.
   1190, avenue des Canadiens-de-Montreal
   Suite 500
   Montreal QC H3B 0M7
   Fax: 514-390-4103
   Email: groupedynamite@deloitte.ca

   Pierre Laporte
   Tel: 514-393-7372
   Email: pilaporte@deloitte.ca

   Jean-François Nadon
   Tel: 514-390-0959
   Email: jnadon@deloitte.ca

   Jacob Dube-Dupuis
   Tel: 514-205-5130
   Email: jdubedupuis@deloitte.ca

   Marc-Alexandre Cormier
   Tel: 514-393-5402
   Email: macormier@deloitte.ca

   Jean-François Boucher
   Tel: 514-393-6208
   Email: jeaboucher@deloitte.ca

Attorneys for the Monitor:

   Norton Rose Fulbright LLP
   1 Place Ville Marie, Suite 2500
   Montreal, QC H3B 1R1
   Fax: 514-286-5474

   Luc Morin
   Tel: 514-847-4860
   Email: luc.morin@nortonrosefulbright.com

   Guillaume Michaud
   Tel: 514-847-4417
   Email: guillaume.michaud@nortonrosefulbright.com

   Arad Mojtahedi
   Tel: 514-847-4582
   Email: arad.mojtahedi@nortonrosefulbright.com

Attorneys for Groupe Dynamite:

   McCarthy Tetrault LLP
   1000 De La Gauchetiere Street West, Suite 2500
   Montreal, QC H3B 0A2
   Fax: 514-875-6246

   Alain N. Tardif
   Tel: 514-397-4274
   Email atardif@mccarthy.ca

   Jocelyn T. Perreault
   Tel: 514-397-7092
   Email: jperreault@mccarthy.ca

   Miguel Bourbonnais
   Tel: 514-397-4202
   Email: mbourbonnais@mccarthy.ca

   Gabriel Faure
   Tel: 514-397-4182
   Email: gfaure@mccarthy.ca

   Francois Alexandre Toupin
   Tel: 514-397-4210
   Email: fatoupin@mccarthy.ca

   Sarah-Maude Demers
   Tel: 514-397-7087
   Email: smdemers@mccarthy.ca

   Pascale Klees-Themens
   Tel: 514-397-7074
   Email: pkleesthemens@mccarthy.ca

Co-counsel for Groupe Dynamite:

   DS Lawyers Canada LLP
   1080 Cote du Beaver Hall, Suite 2100
   Montreal, QC H2Z 1S8
   Fax: 514-284-3235

   Jean-Yves Simard
   Tel: 514-360-5102
   Email: jysimard@dsavocats.ca

   Karine Landry
   Tel: 514-397-7092
   Email: klandry@dsavocats.ca

United States Counsel for Groupe Dynamite:

   Kirkland & Ellis LLP
   300 North LaSalle
   Chicago, IL 60654 USA

   Patrick J. Nash, Jr.
   Tel: 312-862-2290
   Email: patrick.nash@kirkland.com

   AnnElyse Scarlett Gains
   Tel: 202-389-5046
   Email: annelyse.gains@kirkland.com

Groupe Dynamite Inc. -- https://groupedynamite.com/ -- operates a
clothing company.


HAYWARD INDUSTRIES: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based swimming pool
equipment manufacturer Hayward Industries Inc. to stable from
negative and affirmed the 'B' issuer credit rating. S&P affirmed
its 'B' rating on the $958 million (outstanding) first-lien term
loan maturing in August 2024. The recovery rating on this debt is
'3' (50% to 70%, rounded estimate: 50%), indicating a meaningful
recovery. S&P affirmed its 'CCC+' issue rating on the $205 million
(outstanding) second-lien term loan maturing in August 2025. The
'6' recovery rating (0% to 10%, rounded estimate: 5%) on this debt
indicates a negligible recovery.

The outlook revision to stable reflects Hayward's
better-than-expected operating performance, leading to leverage
declining below 7x earlier than S&P's prior expectations. Hayward's
sales rose by 14% during the second quarter of fiscal 2020,
following a 17% increase in the first quarter, driven by robust
performance in North America, which experienced sales growth of 25%
in the second quarter. The significant sales growth in North
America reflected a combination of factors, including depressed
sales levels in the same prior-year period which suffered from
elevated channel inventory levels and unfavorable weather patterns,
higher demand in the residential segment as a result of increased
pool usage by homeowners under stay-at-home mandates, and favorable
weather trends. In addition, an unprecedented reduction in leisure
travel as a result of stay-at-home restrictions resulted in a surge
in demand for pools and new pool construction activity increased
significantly. Although the pace of growth in orders and shipments
slowed at the beginning of the second quarter due to the
uncertainties caused by the spread of the coronavirus, operating
performance trends quickly reversed. Profitability was also
supported by strict cost discipline and austerity measures such as
furloughs, compensation reductions, and a travel and hiring freeze,
resulting in stronger profitability. The company's EBITDA margin
expanded to about 21.1% for the six months ended June 30, 2020,
from 18.6% in the same prior-year period. Debt to EBITDA for the
trailing-12-months ended June 30, 2020, totaled 6.6x; this was
before the company paid down its seasonally high balances on the
revolving credit facility. Further, the company generated over $60
million in free operating cash flow (FOCF) through the first six
months of the year, supported by its efforts to significantly
reduce inventory levels and receivable balances.

S&P expects favorable demand trends and cost execution will support
robust revenue and profit growth. Although S&P remains cautious
about the strength of the U.S. economic recovery, the rating agency
believes Hayward will continue to benefit from heightened demand,
given its significant exposure to the aftermarket segment (which
contributes about 75% of total sales) that provides a recurring,
nondiscretionary stream of cash flows. The company's order backlog
at the end of the second quarter was significantly higher than the
same period in historical years. Moreover, Hayward has a track
record of consistently implementing industry-standard,
low-single-digit percentage price increases. These trends should
continue to fuel mid-single-digit percentage top-line growth. S&P
also expects margins to expand as a result of better operating
leverage from higher volumes and ongoing operating cost reduction
initiatives which should permit it to more than offset labor and
raw material cost inflation. S&P believes that Hayward maintains a
strong competitive position and significant market share in the
U.S. swimming pool equipment market, which has a large installed
base and benefits from higher average spending as a result of
increased usage of automated pool maintenance equipment, with
connectivity to mobile devices.

Hayward's financial sponsor ownership and acquisitive growth
strategy will likely limit any upside to S&P's rating over the next
year. Despite lower leverage, the company's modest cash balances
($161 million cash balance as of June 30, 2020) and likely
generation of robust free cash flow of close to $100 million
annually, S&P does not expect leverage to meaningfully decline
further as a result of debt repayment. S&P believes the company
will have a preference for making strategic growth investments over
the next 12 months. S&P's base-case forecast assumes the company
will undertake some modest-size bolt-on acquisitions within the
next few quarters. Based on this assumption, S&P expects the
company to remain highly leveraged. In addition, S&P views the
company's financial policy as aggressive given its financial
sponsor ownership. S&P believes private-equity owners usually seek
a return on their investment and there is a possibility that the
company's sponsor may extract debt-funded returns from the company
in the form of a dividend, which the rating agency would view
negatively from a financial risk perspective.

"The stable outlook reflects our expectation for Hayward's leverage
to be sustained below 7x over the next 12 months driven by EBITDA
expansion from higher sales volumes, strong pricing power, and
further cost-reduction initiatives. The stable outlook also
reflects our expectation that the company will maintain a financial
policy consistent with maintaining leverage below 7x," S&P said.

S&P could lower its ratings on Hayward if the company's operating
performance and profitability deteriorates leading to leverage
sustained above 7x. This could result from a 500-basis-point (bps)
decrease in gross margins due to a significant decline in pricing
and lower sales volumes caused by a housing downturn and
corresponding decline in consumer home equity and a delay in
purchases of pools and equipment. It could also follow a prolonged
period of unfavorable weather conditions or significantly increased
competitive activity. S&P could also consider a downgrade if the
company adopts a more aggressive financial policy or undertakes
debt-financed acquisitions leading to leverage sustained above 7x.

"While unlikely over the near term due to its financial sponsor
ownership, we could raise the ratings if the company's debt to
EBITDA declines to below 5x and is sustained at those levels, with
the commitment from management and the board to maintaining
leverage in that range," S&P said.


HERALD HOTEL: Martinique NY Operator Files for Chapter 11
---------------------------------------------------------
Herald Hotel Associates, L.P., sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 20-12266) on Sept. 22, 2020.

The Debtor's counsel:

        Scott S. Markowitz
        Tarter Krinsky & Drogin LLP
        Tel: (212) 216-8000
        E-mail: smarkowitz@tarterkrinsky.com

Steven Church of Bloomberg News reports that Herald Hotel
Associates, the operator of the boutique Manhattan hotel,
Martinique New York on Broadway, filed for bankruptcy blaming the
Covid-19 pandemic, which has robbed it of customers.

Herald Hotel Associates said a recent arbitration ruling may force
the company to pay about $3.5 million in severance costs to
employees who were furloughed at the start of the pandemic.

The hotel, which has 531 rooms and was founded in 1899, had an
occupancy rate of 35% in August, down from 93% in the same month
last year, according to court records.  Before the covid-related
closure, the company employed 176 people.


HERMATITE HOLDINGS: Court OKs Ch. 15 Plan to Tap $6M DIP Funds
--------------------------------------------------------------
Rose Krebs of Law360 reports that Canada-based auto parts maker
Hematite Holdings Inc. can tap into $6 million of
debtor-in-possession financing in its Canadian bankruptcy, an
American judge ruled Sept. 23, 2020, just a day after the company
opened a Chapter 15 case in Delaware for recognition of the main
foreign bankruptcy proceeding.

During an emergency hearing Wednesday, U.S. Bankruptcy Judge Mary
F. Walrath gave provisional approval to an initial order already
approved in Canada that will enable the auto parts maker to access
$2.3 million of the $6 million DIP immediately.

Hematite counsel Todd A. Atkinson of Womble Bond Dickinson LLP told
the judge the debtors were in danger of running out of money to
fund operations by Friday if relief was not granted. Atkinson said
the debtors may be back next week to ask the Delaware court to sign
off on additional DIP funding, pending a court hearing in Canada
planned for Monday to consider the same request.

Three Hematite affiliates in the U.S. and multiple Canadian
affiliates opened the Chapter 15 in Delaware bankruptcy court late
Tuesday for recognition of the foreign main proceeding, saying
company operations have been hard-hit by the COVID-19 pandemic and
resulting production shutdowns.

The company is seeking recognition in Delaware of a so-called
foreign main proceeding and protection of its U.S. assets from
creditors and claims. Unlike a Chapter 11 case, which implements an
automatic stay shielding a debtor from litigation and collection
efforts unless approved by the bankruptcy court, Chapter 15 debtors
must petition the court for those protections and recognition of
their out-of-country restructuring.

Judge Walrath set an Oct. 19 hearing to consider formal recognition
of the foreign bankruptcy proceeding.

In her order, Judge Walrath said the debtors have shown provisions
in the DIP are "fair and reasonable" and that the financing "is
necessary to prevent irreparable harm to the debtors because,
without such financing, the debtors will be unable to continue
operations and fund their restructuring proceedings."

In an initial declaration filed late Tuesday, Hematite's chief
treasury officer, Jacques Nadeau, said the company has reached an
agreement with its key lenders and customers for Ontario-based
Woodbridge Foam Corp. to serve as its restructuring sponsor.

Woodbridge is also set to provide the $6 million DIP to fund
operations as the bankruptcy proceeds and to acquire the equity in
the restructured company. Hematite, which filed for its Canadian
bankruptcy on Sept. 18, plans to emerge from bankruptcy by the end
of the year, according to court filings.

Hematite manufactures auto parts such as insulators, plugs, airflow
management equipment and under-engine covers, and it counts Toyota,
Fiat Chrysler Automobiles and Ford among its customers. The company
has operated since 1978 in Canada and currently has manufacturing
and industrial facilities there, according to court filings.

Hematite has expanded its operations into the U.S. with a
production facility in Ohio and another in Tennessee that has not
yet started operation, fillings said.

Hematite's debt includes about $14.5 million in secured debt owed
to TD Bank, roughly $3 million in secured debt owed to BDC Capital
Inc., about $10 million owed for leases at its Ohio location and
about $16 million in trade debt.

In court filings, Hematite said its finances were hit hard by the
COVID-19 pandemic as it had to halt production because North
American auto manufacturers suspended their operations and
temporarily ceased purchasing Hematite products.

The company reported that its gross sales between March and May
were roughly 70% below what it had expected. Hematite said its
estimated gross sales of roughly $6.6 million between March and May
were well below the $21.4 million brought in over the same period
in 2019.

The Canadian bankruptcy was filed in the Ontario Superior Court of
Justice.

Hematite is represented in the Chapter 15 by Matthew P. Ward,
Morgan L. Patterson and Todd A. Atkinson of Womble Bond Dickinson
LLP.

Hematite Holdings Inc. filed a Chapter 15 petition (Bankr. D. Del.
Case No. 1:20-bk-12387) on Sept. 22, 2020.

The Debtor's U.S. counsel:

         Matthew P. Ward
         Womble Bond Dickinson (us) LLP
         Tel: 302-252-4338
         E-mail: matthew.ward@wbd-us.com


HERMITAGE OFFSHORE: NYSE Immediately Suspends Trading
-----------------------------------------------------
The New York Stock Exchange LLC ("NYSE") announced that the staff
of NYSE Regulation has determined to suspend trading in the common
stock ("common stock") of Hermitage Offshore Services Ltd. (the
"Company") -- ticker symbol PSV -- from the NYSE.  Trading in the
Company's common stock was suspended after the market close on the
NYSE on September 23, 2020. The Exchange had earlier commenced
delisting proceedings with respect to the Company's common stock on
August 12, 2020, after the Company had disclosed its intention to
file for protection under Chapter 11 of the Bankruptcy Code.

NYSE Regulation reached its decision to immediately suspend and
establish an additional basis for delisting the common stock
pursuant to Section 802.01B of the NYSE's Listed Company Manual
(the "Manual") because the Company had fallen below the NYSE's
continued listing standard requiring listed companies to maintain
an average global market capitalization over a consecutive 30
trading day period of at least $15,000,000.

This delisting basis is in addition to the NYSE's earlier
announcement on August 12, 2020 that it had commenced proceedings
to delist the Company pursuant to Section 802.01D of the Manual
after the Company had announced its intention to file for
bankruptcy under Chapter 11 of the Bankruptcy Code.  The Company
had the right to request a review of this earlier delisting
determination by a Committee of the Board of Directors of the
Exchange (the "Committee").  On Sept. 1, 2020, the NYSE further
announced that the Company had requested a review of the delisting
determination and the review would be held on December 17, 2020.

The Company has a right to a review of this additional delisting
determination by the Committee at the December 17, 2020 appeal
hearing. The NYSE will apply to the Securities and Exchange
Commission to delist the common stock upon completion of the appeal
process if the delisting determination is upheld.

                      About Hermitage Offshore

Bermuda-based Hermitage Offshore Services Ltd. (previously Nordic
American Offshore Ltd.) -- http://www.hermitage-offshore.com/-- is
an offshore support vessel company that owns 23 vessels consisting
of 10 platform supply vessels, or PSVs, two anchor handling tug
supply vessels, or AHTS vessels, and 11 crew boats. The Company's
vessels primarily operate in the North Sea or the West Coast of
Africa.

Nordic American incurred a net loss and comprehensive loss of
US$197.29 million for the year ended Dec. 31, 2018, compared to a
net loss and comprehensive loss of US$29.33 million for the year
ended Dec. 31, 2017.

KPMG AS, in Oslo, Norway, the Company's auditor since 2014, issued
a "going concern" qualification in its report dated May 15, 2019,
citing that the Company has suffered recurring losses from
operations and is required to raise additional capital in order to
refinance its Initial Credit Facility which raises substantial
doubt about its ability to continue as a going concern.


HERTZ CORP: Asks Court's Approval to Sell Franchise Territories
---------------------------------------------------------------
Law360 reports that Hertz Corp. asked the Delaware bankruptcy court
Sept. 22, 2020, to approve plans to sell dozens of franchise
territories as well as an agreement to support a non-debtor
affiliate's sale of up to $400 million in asset-backed securities.
According to Hertz, it needed to justify its footprint and offload
a vehicle leasing affiliate's debt.

Hertz said the franchise territory sales would expand an ongoing
downsizing procedure by the business in response to the financial
woes created by the COVID-19 pandemic. The proposal reflected
"changes in individual behavior and economic activity" on the part
of customers, the company said.

                         About Hertz Corp.
  
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. The Company also
operates a vehicle leasing and fleet management solutions
business.

On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court
(Bankr. D. Del. Case No. 20-11218).

The Hon. Mary F. Walrath is the presiding judge.

White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor. Richards, Layton & Finger, P.A., is the local
counsel.

Prime Clerk LLC is the claims agent, maintaining the page
https://restructuring.primeclerk.com/hertz


HI-CRUSH INC: Plan to Shed $450M Debt Confirmed by Judge
--------------------------------------------------------
Hi-Crush Inc. (OTCMKTS: HCRSQ), a fully-integrated provider of
proppant logistics solutions, today announced that the U.S.
Bankruptcy Court for the Southern District of Texas has confirmed
its Prearranged Plan of Reorganization (the "Prearranged Plan").  

Under the terms of the Prearranged Plan, which was approved at a
hearing yesterday afternoon, the Company eliminates approximately
$450 million of unsecured debt, reduces annual interest expense by
more than $43 million, and equitizes certain material general
unsecured claims against the Company. The Prearranged Plan provides
the Company significant additional liquidity while minimizing
operational disruptions.

"We are very pleased to have achieved this successful outcome with
our noteholders and creditors," said Mr. Robert E. Rasmus, Chairman
and Chief Executive Officer of Hi-Crush. "The confirmation by the
court of the Prearranged Plan will allow for the recapitalization
of Hi-Crush, and enable our company to continue delivering high
quality services to our customers with the added benefit of a
significantly improved balance sheet, thereby enhancing Hi-Crush's
financial flexibility over the near and long-term.  We look forward
to continuing to serve our partners across the oil and gas industry
as the sector's premier frac sand and frac sand logistics
provider."

The Company anticipates finalizing the Prearranged Plan over the
coming weeks, subject to standard and customary closing procedures
and conditions. Hi-Crush Inc. anticipates full emergence from
Chapter 11 proceedings by mid-October.

Nearly all the creditors entitled to vote supported the plan,
Hi-Crush's attorney Keith Simon of Latham & Watkins LLP said at the
virtual hearing, according to Bloomberg.

Certain note holders and unsecured creditors will be eligible to
participate.

                         About Hi-Crush Inc.

Hi-Crush Inc. -- http://www.hicrushinc.com/-- is a
fully-integrated provider of proppant and logistics services for
hydraulic fracturing operations, offering frac sand production,
advanced wellsite storage systems, flexible last mile services,
and
innovative software for real-time visibility and management across
the entire supply chain. The Company's strategic suite of solutions
provides operators and service companies in all major U.S. oil and
gas basins with the ability to build safety,
reliability and efficiency into every completion.

Hi-Crush and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20-33495) on
July 12, 2020. As of March 31, 2020, Debtors had total assets of
$953.082 million and total liabilities of $699.137 million.

Judge David R. Jones oversees the cases.

The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as their legal counsel, Alvarez & Marsal North America LLC as
financial advisor, and Lazard Freres & Co. LLC as investment
banker. Kurtzman Carson Consultants LLC is the claims and noticing
agent and solicitation agent.


HOVNANIAN ENTERPRISES: Egan-Jones Hikes Sr. Unsec. Ratings to CCC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hovnanian Enterprises, Inc. to CCC from CCC-.

Headquartered in Matawan, New Jersey, Hovnanian Enterprises, Inc.
provides home building services.



HUDSON'S BAY: Egan-Jones Withdraws CCC Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, withdrew it's
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by Hudson's Bay Company.

Headquartered in Brampton, Canada, Hudson's Bay Company offers a
selection of branded merchandise in Canada and the United States.



HUSCH & HUSCH: Wants Solicitation Deadline Moved Thru Nov. 14
-------------------------------------------------------------
Husch & Husch Inc., by and through its attorney, Southwell &
O'Rourke, P.S., requests the U.S. Bankruptcy Court for the Eastern
District of Washington to extend the exclusivity period to obtain
acceptances for a Chapter 11 plan to November 14, 2020.

According to the declaration of the Debtor's Chief Financial
Officer, Allen Husch, the requested extension will give the Debtor
the necessary time to obtain plan acceptance; the Debtor was unable
to obtain it when the exclusivity period of August 31, 2020,
expired.  Husch also believes the extension will benefit the
creditors, as the Debtor's plan of reorganization is a full-pay
plan of reorganization.

A full-text copy of the Disclosure Statement dated July 1, 2020,
explaining the Debtor's Plan is available at
https://tinyurl.com/y7cqomqb from PacerMonitor.com at no charge.

                      About Husch & Husch

Husch & Husch, Inc. -- http://www.huschandhusch.com/-- is a
family-owned and operated agricultural chemical and fertilizer
company located in Harrah, Washington. It provides conventional and
organic fertilizers, micronutrient technology, and chemicals to
help make a lawn, garden, agronomic crops, and fruit trees grow to
their full potential. Husch & Husch was founded in 1937 by Pete
Husch.

Husch & Husch filed a Chapter 11 petition (Bankr. E.D. Wash. Case
No. 20-00465) on March 4, 2020. In the petition signed by CFO Allen
Husch, the Debtor disclosed $12,284,732 in assets and $5,966,019 in
liabilities.  Dan O'Rourke, Esq., at Southwell & O'Rourke, P.S., is
the Debtor's bankruptcy counsel.



IMPRESA HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                           Case No.
    ------                                           --------
    Impresa Holdings Acquisition Corporation (Lead)  20-12399
    344 W. 157th St.
    Gardena, CA 90248

    Impresa Acquisition Corporation                  20-12400
    Impresa Aerospace, LLC                           20-12401
    Goose Creek, LLC                                 20-12402

Business Description:     The Debtors are a premier supplier in
                          the aerospace industry that offer a
                          diverse range of manufacturing services
                          from sheet metal fabrication, precision
                          machining, and aluminum extrusion to
                          more-advanced services, such as
                          hydroforming and titanium hot brake
                          forming, to produce parts and equipment
                          for nearly every aerospace platform,
                          including commercial jets, regional and
                          business aircraft, military aircraft,
                          and civilian and military helicopters.
                          Visit https://impresaaerospace.com for
                          more information.

Chapter 11 Petition Date: September 24, 2020

Court: United States Bankruptcy Court
       District of Delaware

Debtors'
General
Bankruptcy
Counsel:                   Robert J. Dehney, Esq.
                           Matthew B. Harvey, Esq.
                           Paige N. Topper, Esq.
                           Taylor M. Haga, Esq.
                           MORRIS, NICHOLS, ARSHT & TUNNELL LLP
                           1201 N. Market Street, 16th Floor
                           Wilmington, Delaware 19801
                           Tel: (302) 658-9200
                           Fax: (302) 658-3989
                           Email: rdehney@mnat.com
                                  mharvey@mnat.com
                                  ptopper@mnat.com
                                  thaga@mnat.com

Debtors'
Investment
Banker:                     DUFF & PHELPS SECURITIES, LLC

Debtors'
Provider of
Quality of
Earnings
Report and
Related
Services:                   HOLTHOUSE CARLIN & VAN TRIGT LLP

Debtors'
Claims &
Noticing Agent
and Administrative
Agent:                      BANKRUPTCY MANAGEMENT SOLUTIONS, INC.
                            D/B/A STRETTO
                            https://cases.stretto.com

Impresa Holdings'
Estimated Assets: $0 to $50,000

Impresa Holdings'
Estimated Liabilities: $10 million to $50 million

Impresa Acquisition's
Estimated Assets: $0 to $50,000

Impresa Acquisition's
Estimated Liabilities: $10 million to $50 million

Impresa Aerospace's
Estimated Assets: $10 million to $50 million

Impresa Aerospace's
Estimated Liabilities: $10 million to $50 million

Goose Creek's
Estimated Assets: $0 to $50,000

Goose Creek's
Estimated Liabilities: $0 to $50,000
  
The petitions were signed by Steven F. Loye, chief executive
officer.

Copies of the petitions are available for free at PacerMonitor.com

at:

https://www.pacermonitor.com/view/IZDVSBQ/Impresa_Holdings_Acquisition_Corporation__debke-20-12399__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/JNKGESY/Impresa_Acquisition_Corporation__debke-20-12400__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/JXKO3JA/Impresa_Aerospace_LLC__debke-20-12401__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/J4SB5GY/Goose_Creek_LLC__debke-20-12402__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Sandra Gutierrez, et al.          Class Action     Unliquidated
c/o Lawyers for Justice, PC
Attn: Edwin Aiwazian
410 Arden Ave Suite 203
Glendale, CA 91203
Tel: 818-587-8423
Fax: 818-265-1021
Email: edwin@calljustice.com

Sandra Gutierrez, et al.          
Attn: Anthony J. Orshansky
c/o CounselOne, P.C.
9301 Wilshire Blvd. Suite 650
Beverly Hills, CA 90210
Tel: 310-277-9945
Fax: 424-277-3727
Email: anthony@counselonegroup.com

2. Carpenter Technology Corporation    Trade Debt       $2,210,357
PO Box 31001-0867
Pasadena, CA 91110-0867
Tel: 800-654-6543
Email: csc@cartech.com

3. Visser                              Trade Debt         $641,301
Attn: Carrie Daniels
6275 E 39th Avenue
Denver, CO 80207
Tel: 303-454-1650
Email: carrie.daniels@visserprecision.com

4. CNC                                 Trade Debt         $314,518
Attn: P. Murphy
10559 Citation Dr. Ste. 204
Tel: 810-229-2601
Email: Pmurphy@sterlingcommercialcredit.com

5. Kamatics                            Trade Debt         $181,000
Attn: Leona Bevins
1330 Blue Hills Ave
Bloomfiled, CT 06002
Tel: 860-243-9704
Email: Leona.Bevins@kaman.com

6. American Express                    Trade Debt         $110,726
Box 0001
Los Angeles, CA 90096-8000
Tel: 888-257-7775
Fax: 772-360-4756
Email: amexsru@aexp.com

7. Bowman                              Trade Debt         $101,713
2631 East 126th Street
Compton, CA 90222
Tel: 310-639-4343
Email: invoice@bowmanplating.com

8. Astro                               Trade Debt          $53,794
11040 Palmer Ave
South Gate, CA 90280-7408
Tel: 562-923-4344
Email: arpayments@astroaluminum.com

9. Epicor Software                     Trade Dbet          $28,694
804 Las Cimas Pkwy, Ste 200
Austin, TX 78746
Tel: 888-354-5812
Email: BusinessOps@epicor.com

10. Apollo Metal Spinning              Trade Debt          $22,508
15315 Illinois Ave
Paramount, CA 90723
Tel: 562-634-5141
Email: apollms@aol.com

11. Tri-Process Company                Trade Debt          $21,495
Attn: Ashlee Nenorta
7721 Jefferson St
Paramount, CA 90723
Tel: 323-770-0240
Email: ashlee.nenorta@valencest.com

12. E.M.E.                             Trade Debt          $15,150
PO Box 4998
Compton, CA 90224
Tel: 310-639-1621
Email: emeacct@emeplating.com

13. JCR Aircraft Deburring             Trade Debt          $10,125
Attn: Lili
221 Foundation Ave
La Habra, CA 90631
Tel: 714-870-4427
Email: lili@jcrindustries.com

14. Bralco Metals                      Trade Debt           $9,980
Attn: M. M Guzman
15090 Northams Street
La Mirada, CA 90638
Tel: 714-736-4800
Email: mguzman@bralco.com

15. Boeing Distribution KLX            Trade Debt           $9,122
88289 Expedite Way
Chicago, IL 60695-0001
Tel: 305-925-2600
Email: bcaedimanagement@boeing.com

16. QA Lubricants                      Trade Debt           $6,688
Attn: Rosie
12223 Highland Ave, Unit 106-372
Rancho Cucamonga, CA 91739
Tel: 877-877-6221
Email: rosie@qalube.com

17. DT Machine                         Trade Debt           $4,992
1891 E Marolama Ave
Placentia, CA 92870
Tel: 714-528-8384
Email: dtm411@yahoo.com

18. Aviation Equipment                 Trade Debt           $3,995
1571 MacArthur Blvd
Costa Mesa, CA 92626
Tel: 310-354-1200
Email: accounting@aveprocessing.com

19. All Metals Processing              Trade Debt           $3,835
Attn: Elaine C.
8401 Standustrial Street
Stanton, CA 90680
Tel: 714-828-8238
Email: ElaineC@Amp-oc.com

20. Precision Aerospace                Trade Debt           $3,781
11155 Jersy Blvd
Rancho Cucamonga, CA 91730
Tel: 909-980-8855
Email: apinvoices@pac.cc

21. Iversol Tool                       Trade Debt           $2,645
Attn: Gwen
1100 Pioneer Way
El Cajon, CA 92020
Tel: 800-547-4633
Email: gwen@iversontool.com

22. CDW Direct                         Trade Debt           $2,232
PO Box 75723
Chicago, IL 60675-5723
Tel: 480-270-7361
Email: credit@cdw.com

23. R.S. Hughes                        Trade Debt           $1,993
10639 Glenoaks Blvd
Pacoima, CA 91331
Tel: 818-686-9111
Email: losangeles@rshughes.com

24. Ernest Packaging                   Trade Debt           $1,883
5777 Smithway Street
Commerce, CA 90040
Tel: 323-923-3173
Email: losangelescredit@ernestpkg.com

25. WestAir                            Trade Debt           $1,535
Attn: C. Rubio
3001 E Miraloma Ave
Anaheim, CA 92806
Tel: 714-860-4840
Email: crubio@westairgases.com

26. Adept Fasteners                    Trade Debt           $1,125
PO Box 579
Santa Clarita, CA 91310
Tel: 661-257-6600
Email: AR@Adeptfasteners.com

27. Kaiser Aluminum                    Trade Debt           $1,055
PO Box 100203
Pasadena, CA 91189-0203
Tel: 949-614-1778
Email: creditdept@kaiseraluminum.com

28. Castle Metals                      Trade Debt           $1,052
PO Box 31001-2507
Pasadena, CA 91110-2507
Tel: 847-349-2597
Email: WestCredit@amcastle.com

29. Boeing Commercial Airplance Co     Trade Debt             $957
Attn: Antonia N. Stanfill
PO Box 3707
Seattle, WA 98124-2207
Tel: 425-237-3298
Email: antonia.n.stanfill@boeing.com

30. Morrell's                          Trade Debt             $648
Attn: Maria
432 E Euclid Ave
Compton, CA 90222
Tel: 310-639-1024
Email: maria@morrellsplating.com


INTERNATIONAL GAME: S&P Affirms 'BB' ICR; Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on global lottery
operator and gaming technology provider International Game
Technology PLC (IGT), including its 'BB' issuer credit rating, and
removed all of the ratings from CreditWatch, where S&P placed them
with negative implications on March 17, 2020.

Leverage should improve below 5.5x in 2021 following a spike this
year.  IGT's operating performance in the second quarter was
significantly impaired by emergency measures put in place to combat
the spread of COVID-19, including restrictions on commercial
activity, stay-at-home orders, and temporary casino closures. North
American and International unit shipments declined by 42% and 96%,
respectively, as casinos cut back on orders of new and replacement
units to preserve liquidity in the face of significant economic
uncertainty. Additionally, service revenue fell, the installed unit
base fell, and volumes were lower, even as casinos reopened. IGT's
lottery segment proved to be resilient, specifically within the
United States, with same-store revenue up 6% despite lower jackpot
activity. International same-store revenue, however, was down 27%
because some markets remained closed, which contributed to a total
lottery segment decline of 26% in the second quarter.

Gaming properties began reopening to strong demand in May and June,
and S&P expects these reopenings to also support a recovery in
IGT's credit measures beginning in the second half of 2020. The
implementation of social distancing measures that limit visitor
capacity and the number of active gaming machines on a casino floor
is having less of an impact on gaming operators' performance;
although casino visitation is lower, customers are spending more
per trip. These factors translate into stronger yields for IGT
despite a lower active installed base; at the end of June 2020,
about 60% of IGT's installed base was active, while simultaneously
recording double-digit increases on its wide area progressive
yields. Notwithstanding, S&P believes certain government stimulus
measures enacted in April potentially buffered the economic impact
to casino operators as they reopened. A prolonged period of high
unemployment, however, may impair gaming demand because it would
reduce consumer discretionary spending, especially in the absence
of additional government stimulus efforts.

IGT should also benefit from its concentration of machines in local
and regional casinos, which account for about 85% of IGT's North
American gaming revenue. S&P believes local and regional gaming
markets will recover faster than destination markets, such as the
Las Vegas Strip, because most customers drive to these properties
rather than fly, which reduces the cost of the trip and potentially
alleviates any lingering fears around travel. S&P expects IGT's
recurring service revenue, which represents about 65% of its gaming
revenue and of which the majority is based on a machine's
productivity, to recover faster than its sales as casinos reopen
and operators turn on their machines. Sales of replacement slot
machines will likely be depressed given casinos' capacity
limitations and reduced capital budgets. S&P believes this
divergence will persist into 2021.

"Notwithstanding these factors, IGT will likely be able to reduce
its leverage below our 5.5x downgrade threshold in 2021 since we
believe the lottery segment will be resilient and there will be
some recovery in the gaming segment over the next year," S&P said.

S&P believes the resiliency of IGT's lottery segment will soften
the blow from the significantly lower revenue anticipated in the
gaming segment in 2020.   IGT is the largest lottery operating
company globally and has leading market positions in Italy (more
than 90% market share in terms of wagers) and the U.S. (more than
75% market share in terms of wagers). S&P views the company's
lottery segment as less volatile compared to its gaming operations
even in an economic downturn since the lottery has a relatively low
price point and customers have easier access to lottery products,
which are sold at grocery stores, gas stations, and convenience
stores, compared to having to drive to a casino to gamble. IGT's
lottery segment is also more profitable, accounting for about 2/3
of its profits, despite a relatively even split between lottery and
gaming revenues.

IGT's lottery segment also benefits from multiyear lottery service
contracts with multiple multi-year extensions, which typically last
between five and ten years, and from high contract retention rates,
which supports its strong market position. Municipalities face high
switching costs and risks when they change providers. When
municipalities change online lottery providers, typically the new
operator would need to install new technology, including systems
and point-of-sale terminals, which could disrupt sales and tax
revenue. Recently, IGT extended its New York Lottery contract for
two years, which demonstrates its entrenched position.

Despite the complete shutdown of the lotto game in Italy for
several weeks and reduced traffic to points of sale, global lottery
revenue declined by 26% in the second quarter, which compares
favorably to the 72% decline in the gaming segment. Lottery wagers
showed progressive improvement throughout the quarter with June
growing by 6% compared to a decline of 81% in April and this trend
continued into July. While S&P believes the pace of the recovery
may slow, it continues to expect sales will recover as consumers
resume more normal routines.

S&P believes IGT has adequate liquidity to navigate through at
least the next 12 months.  The company's liquidity profile
comprised $1.3 billion of cash and cash equivalents and $1 billion
in revolving credit facility availability as of June 30, 2020. In
June, IGT issued $750 million in 5.25% secured notes. It primarily
used the proceeds to begin addressing a large 2022 notes maturity,
redeeming approximately $500 million of its $1.5 billion 6.25%
secured notes due 2022. The transaction also added a modest amount
of incremental liquidity to its balance sheet. Additionally, IGT
generated approximately $100 million in free cash flow in the
second quarter despite the pandemic's impact, demonstrating the
resilience of its business model, especially lottery, and providing
further confidence that the company will be able to manage
liquidity over the next 12 months. Furthermore, IGT plans to cut
$500 million of costs and capital spending this year to reduce its
cash needs and does not have any material cash outflows for lottery
contracts renewals in the near term. Lastly, its 2021 debt
maturities are manageable and limited to term loan amortization.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

The negative outlook reflects a weak global macroeconomic outlook
into 2021, a high degree of uncertainty around the effective
containment and treatment of the virus (including a potential
second wave of infections later this year), and the continued
implementation of social distancing measures and their impact on
consumer discretionary spending at casinos, the company's installed
base, and its gaming equipment sales. The negative outlook also
reflects the significant stress on the company's revenue, cash
flow, and credit measures this year, and S&P's expectation that
IGT's business customers, both casino operators and municipalities,
will continue to curtail their spending to deal with uncertainty
related to the coronavirus pandemic as well as the ongoing global
recessions.

"We could lower the rating if a failure to contain the coronavirus
results in additional operating restrictions, or if a even weaker
than expected economic environment causes IGT to underperform our
current base case and we no longer believe that IGT would be able
to improve leverage to below 5.5x by year-end 2021," S&P said.

"It is unlikely that we will raise our rating on IGT over the next
few quarters given our forecast that its leverage will remain high
and above our downgrade threshold into 2021. That said, we could
revise our outlook to stable once we are confident that IGT's
operating performance has stabilized in a manner that supports
adjusted leverage improving below 5.5x. We would consider raising
our ratings if we believe IGT will sustain leverage below 4.5x,"
the rating agency said.


IT'SUGAR LLC: BBX's Candy Retail Unit Files for Chapter 11
----------------------------------------------------------
BBX Capital Corporation (NYSE: BBX)(OTCQX: BBXTB) ("Parent") and
its subsidiary, BBX Capital Florida LLC ("New BBX Capital"),
announced today, September 22, 2020, that their subsidiary,
IT'SUGAR LLC and its subsidiaries ("IT'SUGAR"), has filed voluntary
petitions under Chapter 11 of Title 11 of the U.S. Code (the
"Bankruptcy Code"). The Chapter 11 filings were made in the U.S.
Bankruptcy Court for the Southern District of Florida (the
"Bankruptcy Court"). IT'SUGAR intends to continue to operate its
retail locations while the Bankruptcy proceedings are ongoing.

Parent and its other principal subsidiaries, including New BBX
Capital and its subsidiaries other than IT’SUGAR, remain
financially strong and continue to conduct normal business
operations. New BBX Capital and its subsidiaries, including
IT’SUGAR, will be spun-off to the shareholders of Parent if
Parent’s previously announced spin-off of New BBX Capital is
completed.

Jarett Levan, President of BBX Capital Corporation and BBX Capital
Florida LLC commented, "Unfortunately, it has become necessary for
IT’SUGAR to make this filing, as the effects of the COVID-19
pandemic on demand, sales levels, and consumer behavior, as well as
the recessionary economic environment, have had a material adverse
effect on IT'SUGAR’s business, results of operations and
financial condition. Sales related to travel and tourism
historically represented approximately 60% of IT’SUGAR sales on
an annualized basis. In the middle of March 2020, as a result of
the COVID-19 pandemic, IT'SUGAR closed all of its approximately 100
store locations. While IT'SUGAR commenced a gradual reopening of
its stores between early June and the middle of July, as we
previously disclosed, IT’SUGAR’s liquidity and its ability to
sustain its operations were dependent on obtaining significant rent
abatements or deferrals from its landlords, amended payment terms
from its vendors, and improvement and stabilization of its sales
volumes. This has not occurred and resulted in the decision to file
bankruptcy proceedings. We believe that IT’SUGAR will be better
positioned to successfully navigate the effects of the COVID-19
pandemic upon exiting from bankruptcy."

For the three and six months ended June 30, 2020, IT'SUGAR had
approximately $3.6 million and $19.6 million of sales,
respectively, and losses before income taxes of approximately $8.4
million and $36.5 million, respectively. As of the time of the
bankruptcy filing, IT'SUGAR has approximately $0.5 million of cash,
$6.2 million of secured debt, and $10.4 million of unsecured
liabilities, including unpaid rent obligations.

As a result of the impact of the pandemic, IT'SUGAR ceased paying
rent or has made only partial payments to the landlords. While
IT'SUGAR has been engaged in negotiations with its landlords for
rent abatements, deferrals and other modifications, it has received
notices of default from the landlords of 49 of its retail
locations. While no termination notices have been received, the
cure periods of the defaults have generally expired.

Parent recognized $24.9 million of impairment losses related to
IT'SUGAR's goodwill and long-lived assets during the six months
ended June 30, 2020. As of June 30, 2020, the carrying amount of
the IT'SUGAR reporting unit was $18.9 million, which included
goodwill of $14.9 million and was net of debt payable to a
subsidiary of New BBX Capital.

IT'SUGAR will need cash to continue to operate its business during
the bankruptcy proceedings and to cover its legal and other
professional advisor expenses. Subject to Bankruptcy Court
approval, a subsidiary of New BBX Capital will provide
debtor-in-possession (DIP) financing to IT’SUGAR under the
protections of the Bankruptcy Code.

Bankruptcy of IT'SUGAR

IT’SUGAR and its subsidiaries filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of Florida (the cases
commenced by such filings, the "Bankruptcy Cases"). Under Section
362 of the Bankruptcy Code, the filing of a bankruptcy petition
automatically stays most actions against IT'SUGAR, including most
actions to collect pre-petition indebtedness or to exercise control
of the property of IT'SUGAR. Absent an order of the Bankruptcy
Court, substantially all pre-petition liabilities will be subject
to settlement under a plan of reorganization.

The Office of the United States Trustee, a division of the
Department of Justice, may appoint an official committee of
unsecured creditors (the "Creditors Committee"). The Creditors
Committee and its legal representatives have a right to be heard on
all matters that come before the Bankruptcy Court. If IT'SUGAR
files a plan of reorganization or liquidation, the rights and
claims of various creditors and security holders will be determined
by a plan of reorganization that is confirmed by the Bankruptcy
Court. Under the priority rules established by the Bankruptcy Code,
certain post-petition liabilities and pre-petition liabilities are
given priority over pre-petition indebtedness and need to be
satisfied before unsecured creditors or stockholders are entitled
to any distribution.

Reorganization Plan. In order to successfully exit the Chapter 11
Bankruptcy Cases, IT'SUGAR would need to propose, and obtain
confirmation by the Bankruptcy Court of, a plan of reorganization
or liquidation (the "Reorganization Plan") that satisfies the
requirements of the Bankruptcy Code. As provided by the Bankruptcy
Code, IT’SUGAR initially has the exclusive right to solicit a
plan. At this time, it is not possible to predict the precise
effect of the reorganization process on IT'SUGAR's business and
creditors or when or if IT'SUGAR may emerge from bankruptcy, nor is
it possible to predict the effect of the Bankruptcy Cases and the
reorganization process on IT’SUGAR and its results of operations,
cash flows or financial condition. A Reorganization Plan is
expected to be filed shortly but has not yet been submitted to the
Bankruptcy Court.

Chapter 7 or Dismissal of the Bankruptcy Cases. If IT'SUGAR fails
to file a Reorganization Plan or if the Bankruptcy Court does not
confirm a Reorganization Plan filed by IT'SUGAR, the Bankruptcy
Cases could be converted to cases under Chapter 7 of the Bankruptcy
Code. Under Chapter 7, a trustee is appointed to collect
IT’SUGAR’s assets, reduce them to cash and distribute the
proceeds to IT'SUGAR's creditors in accordance with the statutory
scheme of the Bankruptcy Code. Alternatively, in the event
IT'SUGAR's Reorganization Plan is not confirmed by the Bankruptcy
Court, in lieu of conversion to Chapter 7, the Bankruptcy Court
could dismiss the Bankruptcy Cases.

It is likely that, in connection with a final Reorganization Plan,
the liabilities of IT'SUGAR will be found to exceed the fair value
of their assets. This would result in claims being paid at less
than 100% of their face value and the extinguishment of the equity
interests of the pre-bankruptcy owners. At this time, it is not
possible to predict the outcome of the bankruptcy proceedings.

Accounting Impact. Based on this filing and the uncertainties
surrounding the nature, timing and specifics of the Bankruptcy
proceedings, it is anticipated that Parent and, following the
proposed spin-off, New BBX Capital will de-consolidate IT'SUGAR as
of September 22, 2020 and recognize a noncontrolling equity
investment in IT’SUGAR at its estimated fair value on such date
and a gain or loss based on the difference between the carrying
amount of IT'SUGAR at the time it is de-consolidated and the
estimated fair value of the noncontrolling equity investment.
Parent and New BBX Capital are currently evaluating whether its
noncontrolling equity investment in IT'SUGAR will be prospectively
accounted for under the cost or equity method of accounting. In
addition, Parent and New BBX Capital will be required to assess the
collectability of $6.2 million in debt payable by IT'SUGAR to a
subsidiary of New BBX Capital that will no longer be eliminated in
consolidation in Parent and New BBX Capital's consolidated
financial statements following the de-consolidation of IT'SUGAR. It
is not possible at this time to predict the outcome of the
Bankruptcy proceedings or whether Parent or New BBX Capital will
continue to have an equity interest in IT'SUGAR upon the resolution
of the Bankruptcy Cases.

                       About BBX Capital Corp.

BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a
Florida-based diversified holding company. For additional
information, visit http://www.BBXCapital.com/

                         About IT'SUGAR

IT'SUGAR -- https://itsugar.com/ -- is a specialty candy retailer
with 100
locations across the United States and abroad.

It'Sugar FL I LLC and its affiliates, including It'Sugar LLC,
sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No.
20-20259) on Sept. 22, 2020.

The Hon. Robert A. Mark is the case judge.

The Debtors tapped MELAND BUDWICK, P.A., as counsel.


J.C. PENNEY: Equity Is Worth $3.2-Bil., Shareholders' Advisers Say
------------------------------------------------------------------
Law360 reports that the advisers representing a group of J.C.
Penney shareholders told a Texas judge Sept.r 22, 2020, that the
bankrupt retailer is worth much more than it has argued, estimating
that as much as $3.2 billion of value is available for equity
holders.  

In a report issued by CR3 Partners LLC -- the financial advisers
retained by equity holders pursuing the appointment of an official
committee in the Chapter 11 case -- the group said J.C. Penney has
undervalued its assets in a proposed sale to mall owners and there
is at least $1. 2 billion of value remaining in the estate for
shareholders.

                     About J.C. Penney Corp.

J.C. Penney Corporation, Inc., is an American retail company,
founded in 1902 by James Cash Penney and today engaged in marketing
apparel, home furnishings, jewelry, cosmetics, and cookware.  The
company was called J.C. Penney Stores Company from 1913 to 1924,
when it was reincorporated as J.C. Penney Co.

On May 15, 2020, JCPenney announced that it has entered into a
restructuring support agreement with lenders holding 70% of
JCPenney's first lien debt.  The RSA contemplates agreed-upon terms
for a pre-arranged financial restructuring plan that is expected to
reduce several billion dollars of indebtedness.  To implement the
Plan, the Company and its affiliates on May 15, 2020, filed
voluntary petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182).

Kirkland & Ellis LLP is serving as legal advisor, Lazard is serving
as financial advisor, and AlixPartners LLP is serving as
restructuring advisor to the Company.  Prime Clerk is the claims
agent, maintaining the page http://cases.primeclerk.com/JCPenney  


The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsel and FTI Consulting, Inc., as financial advisor.


KIMBLE DEVELOPMENT: Gets Interim OK to Hire Legal Counsel
---------------------------------------------------------
Kimble Development of Baton Rouge I, LLC received interim approval
from the U.S. Bankruptcy Court for the Middle District of Louisiana
to hire Heller, Draper, Patrick, Horn & Manthey, LLC as its legal
counsel.

The firm's services are as follows:

     i. advise Debtor with respect to its rights, powers and
duties;

    ii. pursue confirmation of a plan of reorganization and
approval of a disclosure statement;

   iii. prepare legal documents;

    iv. prepare responses to court documents;

     v. appear in court to protect the interests of Debtor;

    vi. represent Debtor in connection with the use of cash
collateral and obtaining post-petition financing;

   vii. advise Debtor concerning the negotiation and documentation
of financial transactions;

  viii. investigate the nature and validity of liens asserted
against Debtor's property;

    ix. advise Debtor concerning the recovery of its property for
the benefit of its estate;

     x. assist Debtor in connection with any potential property
dispositions;

    xi. advise Debtor concerning the assumption, assignment,
rejection,  restructuring or recharacterization of executory
contracts and unexpired leases;

   xii. assist Debtor in resolving claims asserted against the
estate;

  xiii. commence and conduct litigation necessary and appropriate
to assert rights held by Debtor; and

   xiv. perform all other legal services in connection with
Debtor's Chapter 11 case.

The hourly rates for the firm's attorneys and paralegals who are
expected to handle the case are as follows:

     William H. Patrick, III             $495
     Tristan Manthey                     $455
     Other Members                       $375 - $455
     Associates                          $277 - $355
     Paralegals                          $80 - $120

Heller Draper received $21,717 as a retainer from Debtor.

Tristan Manthey, Esq., a member of Heller Draper, disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Tristan Manthey, Esq.
     Heller, Draper, Patrick, Horn & Manthey, LLC
     650 Poydras Street, Suite 2500
     New Orleans, LA 70130
     Telephone: (504) 299-3300
     Email: tmanthey@hellerdraper.com

             About Kimble Development of Baton Rouge I

Kimble Development of Baton Rouge I, LLC is a Baton Rouge,
La.-based which classifies its business as single asset real
estate.

Kimble Development of Baton Rouge sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 20-10632 on
Sept. 8, 2020. Michael D. Kimble, authorized representative, signed
the petition.  

At the time of the filing, Debtor had estimated assets of between
$1 million to $10 million and liabilities of the same range.

Heller, Draper, Patrick, Horn & Manthey LLC is Debtor's legal
counsel.


LA FITNESS: Works With Paul Hastings Ahead of Debt Talks
--------------------------------------------------------
Katherine Doherty of Bloomberg News reports that LA Fitness
International LLC is working with lawyers in preparation for lender
talks as it seeks to ease its roughly $1.7 billion debt load and
keep its gyms operating during the pandemic.

The fitness chain is getting advice from law firm Paul Hastings
ahead of formal negotiations with debt holders, people with
knowledge of the situation told Bloomberg.

The firm has provided legal support to LA Fitness in the past and
is currently assisting the company with negotiations over a
potential amendment to its debt documents that would give the gym
owner more financial flexibility.

The Wall Street Journal separately reported that lenders of LA
Fitness have hired PJT Partners to lead negotiations with LA
Fitness' parent company before a forbearance agreement is scheduled
to expire next month.  The talks could involve supplying financing
to LA Fitness, according to people familiar with the matter.

                 About LA Fitness International

LA Fitness International LLC is an American gym chain with more
than 700 clubs across the United States and Canada.  The company
was formed in 1984 and is based in Irvine, California.



LI GROUP: Moody's Affirms B2 CFR, Outlook Stable
------------------------------------------------
Moody's Investors Service affirmed LI Group Holdings, Inc.'s B2
corporate family rating and B2-PD probability of default rating, as
well as the B2 instrument ratings on admissions-management-software
provider Liaison's first-lien senior secured debt, including a
revolving credit facility and an upsized term loan. Proceeds from
the upsizing of the term loan will facilitate Liaison's acquisition
of an unnamed target company that provides a student lifecycle
management SaaS platform for higher education. The outlook remains
stable.

Affirmations:

Issuer: LI Group Holdings, Inc.

Corporate family rating, affirmed B2

Probability of default rating, affirmed B2-PD

Senior secured 1st lien term loan due 2026, affirmed B2 (LGD4) from
(LGD3)

Senior secured 1st lien revolving credit facility due 2024,
affirmed B2 (LGD4) from (LGD3)

Outlook, remains stable

RATINGS RATIONALE

Liaison's fully debt-funded acquisition will relever the company,
to about 5.8 times (or 6.5 times when expensing substantial
capitalized software development costs), but to a level almost a
full turn lower than it had been when Moody's originally rated the
credit less than a year ago. The transaction is a moderate-sized
acquisition of a company that will enable Liaison to diversify
beyond facilitating professional-graduate-school applications, and
into customer relationship management, including targeting
prospective students and improving retention of enrolled students.
Underpinning the acquisition is Liaison's goal to provide
SaaS-based technology that facilitates universities in student
lifecycle management, from engagement to professional placement.
Management envisions moderate cost synergies through headcount
reductions and revenue support from cross-selling opportunities.

Through its fiscal first quarter, ending June 30, 2020, Liaison
posted double-digit revenue growth on both a successive- and
year-over-year-quarter basis. Even during a challenging,
COVID-19-affected operating environment, Liaison saw strong volumes
of application submissions from its centralized application service
("CAS") customers. Moody's-adjusted debt-to-EBITDA leverage eased
to 5.3 times, more than a full turn lower than at the time of its
December 2019 ratings assignment. High leverage and a small revenue
base relative to issuers with a similar rating continue to
constrain Liaison's credit profile, whose offsetting strengths
include a clear market-leading position as a provider of CASs for
graduate education programs, strong cash flow, and good growth
prospects.

Moody's expects steady, growth- and profitability-driven
deleveraging, to below 7.0 times and below 6.0 times with and
without the software-development-cost adjustments, respectively, by
the fiscal year ended March 31, 2021. Moody's also expects free
cash flow as a percentage of adjusted debt, an alternative leverage
measurement, of at least 10% by March 2021, quite strong for the B2
CFR. Moody's considers owner Meritage as an atypical private equity
investor that has no defined fund life. Meritage's and management's
equity contribution when acquiring Liaison last year represented
fully 74% of total capitalization. The anticipated acquisition
dilutes the equity proportion to a still strong 69%.

Liaison's CASs are the graduate- and professional-school
equivalents of the Common Application, the widely used program that
allows students applying to undergraduate institutions to apply
online to multiple schools. Students pay to apply to member schools
through Liaison's CASs, with Liaison keeping a portion of the fees,
and the institutions keeping the balance. Liaison has a nearly 100%
retention rate among the more than 5,100 associations and schools
that access its CASs through long-term contracts. About 90% of
Liaison's revenue is recurring. Institutions benefit from CAS's
network effect because the platform makes it easy for students to
apply to member schools, and the associations generate funds
through revenue share agreements while also having greater
visibility into student demand.

Liaison has nearly full penetration among its core, established CAS
institution base, which is heavily skewed to healthcare educational
and professional programs and which provides about 60% of overall
revenues. New and emerging CASs in a variety of fields such as
business and engineering represent markets that are several times
larger than Liaison's existing markets and have scarce competition.
Through established and new markets, Moody's expects Liaison's
organic revenues to grow by at least 5% annually.

A handful of factors counters the risk posed by Liaison's small
revenue base: clear evidence of countercyclicality in the higher
education market that Liaison serves; a large, non-concentrated
customer base; strong cash flows that are typical of software
firms, abetted in part by Liaison's first-mover advantages (the
company was founded in 1990); and excellent visibility into
seasonal application trends and volumes. While its standard
capitalized-software adjustment creates a significant difference in
the EBITDA measurement, there are minimal non-standard adjustments
to Liaison's operating measurements, pointing to strong quality of
earnings.

Moody's views Liaison's liquidity as good, as revenue and margin
growth will produce steadily accumulating balance sheet cash and
annual free cash flows building to better than 10% of adjusted
debt. The company collects application fees quickly, through credit
card payments, and working capital has historically been a modest
source of funds annually. However, the seasonality of an academic
year suggests there may be the need to draw intermittently under
the $15 million revolver, whose size is modest relative to annual
interest expense and capital expenditures. Moody's considers the
single financial covenant, a springing first-lien net leverage test
for the benefit of revolver lenders only, applicable when at least
35% of the facility is drawn and set at 8.5 times, to be so loose
as to provide little protection for lenders.

Liaison faces moderate Environmental, Social, and Governance
("ESG") issues, primarily regarding social risks related to higher
education institutions, which are under intense social and
potentially regulatory scrutiny because of their admissions
practices, high costs, and perceived utility. A distinct
socioeconomic shift over the past several decades towards a greater
share of employment opportunities becoming available only to
persons with a minimum level of higher education, is plainly in
Liaison's favor. Governance considerations include financial
strategy risks, such as the employment of high leverage, as well as
the potential for substantial dividends to be paid out in lieu of
deleveraging. Moody's notes, however, that distributions can be
made only from available cash and only when
credit-agreement-defined leverage is below 5.5 times.

The stable outlook reflects Moody's expectations for revenue growth
of about 5% over the next two years, driven by continued volume
growth in applications and embedded price increases. Moody's also
expects steadily building cash balances, and moderately declining
leverage. While the inclusion of the anticipated acquisition will
cut into margins initially, Moody's expects scale efficiencies and
synergy realization to keep margins very healthy.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's would consider an upgrade to Liaison's ratings if the
company: can substantially and profitably grow its revenue base to
be more in line with issuers in the upper-B rating category;
expands successfully into non-healthcare-related universities;
maintains good customer retention; sustains debt-to-EBITDA (with
its capitalized software adjustment reducing EBITDA) below 5.0
times; and sustains free cash flow-to-debt in the teen percentages
(including Moody's standard adjustments).

The ratings could be downgraded if anticipated revenue growth
slows, liquidity weakens substantially, or if Moody's expects that
free cash flow as a percentage of debt will fall towards 5%.
Although unforeseen, any successful, disruptive competing
technology that threatens Liaison's market position will also put
pressure on the ratings.

LI Group Holdings, Inc., doing business as Liaison, is a
comprehensive, SaaS-based marketplace technology, applications and
analytics platform supporting the US higher education market. The
company was acquired in early December 2019 by private investor
Meritage and current management.

The principal methodology used in these ratings was Software
Industry published in August 2018.


LIVEXLIVE MEDIA: All 3 Proposals Passed at Annual Meeting
---------------------------------------------------------
LiveXLive Media, Inc. held its 2020 Annual Meeting of Stockholders
on Sept. 17, 2020, at which the stockholders:

   (1) elected Robert S. Ellin, Jay Krigsman, Craig Foster, Tim
       Spengler, Jerome N. Gold, Ramin Arani, Patrick
       Wachsberger, Kenneth Solomon, and Bridget Baker to the
       Company's Board of Directors;

   (2) approved an amendment to the Company's 2016 Equity
       Incentive Plan, as amended, to increase the number of
       shares available for issuance under such plan by 5,000,000
       shares; and

   (3) ratified the appointment of BDO USA, LLP as the Company's
       independent registered public accounting firm for the
       fiscal year ending March 31, 2021.

                       About LiveXLive Media

Headquartered in West Hollywood, CA, LiveXLive --
http://www.livexlive.com/-- is a global digital media company
focused on live entertainment.  The Company operates LiveXLive, a
live music video streaming platform; and Slacker Radio, a streaming
music pioneer; and also produces original music-related content.
LiveXLive is at 'live social music network', delivering premium
livestreams, digital audio and on-demand music experiences from the
world's top music festivals and concerts, including Rock in Rio,
EDC Las Vegas, Hangout Music Festival, and many more. LiveXLive
also gives audiences access to premium original content, artist
exclusives and industry interviews. Through its owned and operated
Internet radio service, Slacker Radio (www.slacker.com), LiveXLive
delivers its users access to millions of songs and hundreds of
expert-curated stations.

LiveXLive reported a net loss of $38.93 million for the year ended
March 31, 2020, compared to a net loss of $37.76 million for the
year ended March 31, 2019.  As of June 30, 2020, the Company had
$57.63 million in total assets, $68.94 million in total
liabilities, and a total stockholders' deficit of $11.32 million.

BDO USA, LLP, in Los Angeles, California, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 26, 2020, citing that the Company has suffered recurring
losses from operations, negative cash flows from operating
activities and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.  In
addition, the COVID-19 pandemic could have a material adverse
impact on the Company's results of operations, cash flows and
liquidity.


LSC COMMUNICATIONS: Needs Additional Time to End Sale Objections
----------------------------------------------------------------
Law360 reports that commercial printing company LSC Communications
on September 22, 2020 told a New York bankruptcy judge it may need
just a few more days to reach an agreement with its unsecured
creditors over its proposed sale to private equity firm Atlas
Holdings LLC.

At a remote status conference, counsel for LSC told U.S. Bankruptcy
Judge Sean Lane the company now wanted until Sept. 25, 2020, to get
its unsecured creditors committee fully on board for the recently
announced proposed sale before scheduling a contested hearing,
saying there had been "much progress" on the issues. "We're still
hopeful for a solution," LSC counsel Brian Glueckstein said.

                    About LSC Communications

LSC Communications, Inc. -- http://www.lsccom.com/-- is a Delaware
corporation established in 2016 with its headquarters located in
Chicago, Illinois. The Company offers a broad range of traditional
and digital print products, print-related services, and office
products. The Company serves the needs of publishers,
merchandisers, and retailers worldwide, with a service offering
that includes e-services, logistics, warehousing and fulfillment
and supply chain management services. The Company prints magazines,
catalogs, directories, books, and some direct mail products, and
manufactures office products, including filing products, envelopes,
note-taking products, binder products, and forms.  The Company has
offices, plants, and other facilities in 28 states, as well as
operations in Mexico, Canada, and the United Kingdom.

LSC Communications, Inc., based in Chicago, IL, and its
debtor-affiliates sought Chapter 11 protection (Bankr. S.D.N.Y.
Lead Case No. 20-10950) on April 13, 2020.  In its petition, the
Debtor disclosed $1,649,000,000 in assets and $1,721,000,000 in
liabilities.  The petition was signed by Andrew B. Coxhead, chief
financial officer.

The Debtors hire SULLIVAN & CROMWELL LLP as counsel; YOUNG CONAWAY
STARGATT & TAYLOR, LLP, as co-counsel; EVERCORE GROUP L.L.C., as
investment banker; ALIXPARTNERS LLP as restructuring advisor; and
PRIME CLERK LLC as notice, claims and balloting agent.


MARIANINA OIL: Case Summary & 3 Unsecured Creditors
---------------------------------------------------
Debtor: Marianina Oil Corp.
        34 East Post Road
        White Plains, NY 10601

Business Description: Marianina Oil Corp. is engaged in activities

                      related to real estate.  The company is the
                      owner of fee simple title to a property
                      located at 34 East Post Road, White Plains,
                      NY 10601, valued at $1.6 million.

Chapter 11 Petition Date: September 23, 2020

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 20-23070

Judge: Hon. Robert D. Drain

Debtor's Counsel: Robert L. Rattet, Esq.
                  DAVIDOFF HUTCHER & CITRON LLP
                  605 Third Avenue
                  34th Floor
                  New York, NY 10158
                  Tel: 212 557 7200
                  Email: rlr@dhclegal.com

Total Assets: $1,600,000

Totla Liabilities: $14,215,000

The petition was signed by Frank Codella, president.

A copy of the petition containing, among other items, a list of the
Debtor's three unsecured creditors is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/PREHE4Q/Marianina_Oil_Corp__nysbke-20-23070__0001.0.pdf?mcid=tGE4TAMA


MEXTEX OPERATING: Taps Santoyo Wehmeyer as Special Counsel
----------------------------------------------------------
MexTex Operating Company seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Santoyo Wehmeyer
PC as its special counsel.

Debtor needs the firm's legal assistance in connection with its
agreements with Rocking R Investments, Inc., and any litigation
relating to the agreements.  

The primary attorney and legal assistants at the firm who will
represent Debtor and their current hourly rates are as follows:

     Corey F. Wehmeyer, Shareholder         $350
     John Ellis, Associate                  $250
     Associates                             $225
     Paralegals                             $100

Prior to the Petition Date, Santoyo Wehmeyer received a sum of
$75,000 from Debtor as a retainer.

The firm and its attorneys are "disinterested persons" under
Section 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     Corey Wehmeyer, Esq.
     Santoyo Wehmeyer PC
     IBC Highway 281 North Centre Building
     12400 San Pedro Avenue, Suite 300
     San Antonio, TX 78216
     Telephone: (210) 998-4200
     Facsimile: (210) 998-4201
     Email: cwehmeyer@swenergylaw.com

                   About MexTex Operating Company

MexTex Operating Company is an Austin, Texas-based company that
provides support activities for the mining industry.

MexTex Operating Company filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
20-10768) on July 7, 2020. At the time of the filing, Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.

Judge H. Christopher Mott oversees the case.

Pulman, Cappuccio & Pullen, LLP represents Debtor as legal counsel.


MILLS FORESTRY: Plan Exclusivity Extended Thru Nov. 5
-----------------------------------------------------
Judge Susan D. Barrett of the U.S. Bankruptcy Court for the
Southern District of Georgia, Dublin Division, extended the period
during which Mills Forestry Service, LLC and Sammy Clyde Mills III
have the exclusive right to file a plan of reorganization and to
obtain acceptances by 120 days through and including November 5 and
December 7, 2020, respectively.

The bankruptcy cases of Mills Forestry Service, LLC, and Sammy
Clyde Mills III were joint-administered on May 25, 2020.

The Debtors continue to operate their business and manage their
property, despite the unexpected downturn in business and cash flow
early in these cases. In recent months, the Debtors' business
operations and cash flows have stabilized. The Debtors' stabilized
business operations have allowed them to service multiple adequate
protection agreements and cover the day-to-day operating expenses
of the business. The Debtors are also current on all of their
non-financial obligations, including their obligations to file
monthly operating reports.

The Debtors have accomplished significant progress in reorganizing
their affairs during a time of substantial economic uncertainty
caused by the COVID-19 pandemic. The Debtors have negotiated
consensual resolutions to multiple Stay Relief motions and entered
into adequate protection agreements with at least eight of their
secured lenders.

Now the extensions will allow the Debtors to now focus
substantially all of their energy on restructuring their business,
stabilizing cash flow, preparing the required adequate information,
and completing and filing a plan.

                  About Mills Forestry Service
                   and Sammy Clyde Mills, III

Mills Forestry Service, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Ga. Case No. 20-60110) on March 7,
2020.  At the time of the filing, the Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range.

Sammy Clyde Mills, III, filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No.
20-30046-SDB) on March 7, 2020.

The bankruptcy cases of Mills Forestry Service, LLC, and Sammy
Clyde Mills III were joint-administered (Bankr. S.D. Ga. Case No.
20-30058) pursuant to the Court's Order dated May 25, 2020.

Judge Susan D. Barrett oversees the case.  The Debtor tapped Stone
& Baxter, LLP as its legal counsel. No creditor's committee and no
trustee or examiner has been appointed or requested in these cases.



MOONCHERRY CORP: Seeks to Hire Joyce W. Lindauer as Legal Counsel
-----------------------------------------------------------------
Mooncherry Corporation seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to hire Joyce W. Lindauer
Attorney, PLLC as its legal counsel.

The firm will assist Debtor in the preparation of its plan of
reorganization and will provide other services in connection with
its Chapter 11 case.

The hourly rates for the firm's primary attorneys and paralegal who
will represent Debtor are as follows:

     Joyce W. Lindauer                        $395
     Kerry S. Alleyne, Contract Attorney      $250
     Guy H. Holman, Contract Attorney         $205
     Dian Gwinnup, Paralegal                  $125

Prior to Debtor's bankruptcy filing, the firm received a retainer
of $6,717, which included the filing fee of $1,717.

Joyce Lindauer, Esq., an associate attorney at Joyce W. Lindauer,
disclosed in court filings that her firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:
   
     Joyce W. Lindauer, Esq.
     Kerry S. Alleyne, Esq.
     Guy H. Holman, Esq.
     Joyce W. Lindauer Attorney, PLLC
     1412 Main Street, Suite 500
     Dallas, TX 75202
     Telephone: (972) 503-4033
     Facsimile: (972) 503-4034
     Email: joyce@joycelindauer.com

                    About Mooncherry Corporation

Mooncherry Corporation, a Plano, Texas-based Indian restaurant,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Tex. Case No. 20-41894) on Sept. 3, 2020.  At the time of the
filing, Debtor had estimated assets of less than $50,000 and
liabilities of between $50,001-$100,000.  Joyce W. Lindauer
Attorney, PLLC is Debtor's legal counsel.


NICHOLS EXECUTIVE: Seeks to Hire A.O.E. Law as Bankruptcy Counsel
-----------------------------------------------------------------
Nichols Executive Enterprises, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
A.O.E. Law & Associates, APC as its bankruptcy counsel.

The firm's services are as follows:

     (a) advise Debtor on matters relating to the administration of
the estate and on Debtor's rights and remedies with regard to the
estate's assets and claims of creditors;

     (b) appear for, prosecute, defend, and represent Debtor's
interest in suits arising in or related to its Chapter 11 case;
and

     (c) assist in the preparation of legal documents.

The firm's attorneys and paralegals will be paid at the following
hourly rates:

     Attorneys
      Anthony Egbase, Esq.               $450
      Shana Stark, Esq.                  $350
      Bar-jovi Usude, Esq.               $350

     Paralegals
      Edison A. Castro, J.D.             $250
      Jose Flores                        $200
      Fassilatu Lawal                    $200

Anthony Egbase, Esq. disclosed in court filings that the firm is a
"disinterested person" as defined by Section 101 (14) of the
Bankruptcy Code.

The firm can be reached through:

     Anthony O. Egbase. Esq.
     Shana Y. Stark, Esq.
      A.O.E. Law & Associates, APC
     350 S. Figueroa Street, Suite 189
     Los Angeles, CA 90071
     Telephone: (213)620-7070
     Facsimile: (213)620-1200
     Email: info@aoelaw.com

                About Nichols Executive Enterprises Inc.

Nichols Executive Enterprises, Inc. is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)). It owns a
single-family home in Los Angeles worth $2.27 million.

Nichols Executive Enterprises sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-18166) on Sept.
7, 2020.  Shawn Sheppard, chief executive officer, signed the
petition.  

At the time of the filing, Debtor had total assets of $2,274,600
and liabilities of $496,651.

Judge Deborah J. Saltzman oversees the case.  A.O.E. Law &
Associates, APC is Debtor's legal counsel.


NORDSTROM INC: Egan-Jones Cuts Sr. Unsecured Ratings to B
---------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nordstrom Incorporated to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Headquartered in Seattle, Washington, Nordstrom Incorporated is a
fashion retailer of apparel, shoes, and accessories for men, women,
and children.



OBALON THERAPEUTICS: Stockholders Elect Three Directors
-------------------------------------------------------
Obalon Therapeutics, Inc. held its 2020 annual meeting of
stockholders on Sept. 16, 2020, at which the stockholders:

   (1) elected Douglas Fisher, M.D., Sharon Stevenson, DVM Ph.D.,
       and William Plovanic Class I directors for a term of
       office expiring at the Company's 2023 annual meeting of
       stockholders and until their successors are duly elected
       and qualified or until such director's earlier death,
       resignation or removal; and

   (2) ratified the appointment of KPMG LLP as the Company's
       independent registered public accounting firm for the
       fiscal year ending Dec. 31, 2020.

                            About Obalon

Obalon Therapeutics, Inc. (NASDAQ:OBLN) -- http://www.obalon.com/
-- is a San Diego-based company focused on developing and
commercializing novel technologies for weight loss.

Obalon recorded a net loss of $23.68 million for the year ended
Dec. 31, 2019, compared to a net loss of $37.38 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$13.87 million in total assets, $6.69 million in total liabilities,
and $7.18 million in total stockholders' equity.

KPMG LLP, in San Diego, California, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
Feb. 27, 2020, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


OMNIQ CORP: Awarded $1.8M Project from Metal Solutions Provider
---------------------------------------------------------------
Omniq Corp. has been awarded a project with a total value of
approximately $1.8 million by a global metal solutions provider and
one of the largest metals services companies in North America.  The
project consists of approximately $1.2 million for the supply of
Android-based mobile computing devices with communication
capabilities and approximately $0.6 million for software and
services.  It represents more than 100% increase from the
customer's purchase orders from OMNIQ in 2019.

The customer serves over 100,000 of its own customers through over
300 locations in the U.S. and operations in over a dozen countries.
The company will use the hardware, software and services from
OMNIQ for the implementation of a new logistics program that
enhances the dissemination of information to their own customers
about product deliveries.  With a strong focus on improving
efficiencies and quick delivery, the advanced logistics initiative
will provide their customers with real-time updates on deliveries
of orders, as well as telematics information from the delivery
trucks.

"Once again, we are excited to provide an industry-leading customer
with its computing needs to support strategic efforts in achieving
operational efficiency," said Shai Lustgarten, president and CEO of
OMNIQ.  "This project represents our solid position as a reliable
and trusted multi-vertical supplier to some of the most prestigious
companies in the U.S. Complimenting the supply of powerful supply
chain computerized solutions to multiple verticals, we are also
focusing on implementing our Neuronic-based AI solutions for the
supply chain industry, as we do in the Homeland Security and Smart
City verticals.  We have a strong, long-term relationship with this
customer, which we intend to set as standard in our relationships
with other Fortune 500 companies who view us as their supplier of
choice.  Already in 2020, and notwithstanding selling challenges
posed by COVID-related social distancing, we have inked supply
agreements with industry leaders in the supermarket, healthcare,
and now basic materials industries, in addition to our successes
with government agencies and academic institutions."

                        About OMNIQ Corp.

Headquartered in Salt Lake City, Utah, OMNIQ Corp. (OTCQB: OMQS) --
http://www.omniq.com/-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic & parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq reported a net loss attributable to common stockholders of
$5.31 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to common stockholders of $5.41 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$41.33 million in total assets, $42.05 million in total
liabilities, and a total stockholders' deficit of $725,000.

Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 30, 2020, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


ORIGINCLEAR INC: Signs Exchange Agreement with Preferred Holders
----------------------------------------------------------------
Between Sept. 16, 2020 and Sept. 18, 2020, OriginClear, Inc.
entered into exchange agreements with certain holders of the
Company's Series F Preferred Stock, pursuant to which such holders
exchanged an aggregate of 415 shares of Series F Preferred Stock
for an aggregate of 415 shares of the Company's Series Q Preferred
Stock.

                   Conversion of Preferred Shares

As previously reported, on Aug. 19, 2019, the Company filed a
certificate of designation of Series L Preferred Stock.  Pursuant
to the Series L COD, the Company designated 100,000 shares of
preferred stock as Series L.  The Series L has a stated value of
$1,000 per share, and is convertible into shares of the Company's
common stock, on the terms and conditions set forth in the Series L
COD.  Between Sept. 15, 2020 and Sept. 22, 2020, holders of Series
L Preferred Stock converted an aggregate of 71.25 Series L shares
into an aggregate of 3,263,823 shares, including make-good shares,
of the Company's common stock.

                      Conversion of Notes

As previously reported, the Company issued notes to various
investors convertible into shares of the Company's common stock.
Between Sept. 15, 2020 and Sept. 17, 2020, holders of convertible
notes converted an aggregate principal and interest amount of
$44,451 into an aggregate of 1,880,740 shares of the Company's
common stock.

                       About OriginClear

Headquartered in Los Angeles, California, OriginClear --
http://www.originclear.com/-- is a provider of water treatment
solutions and the developer of a breakthrough water cleanup
technology.  Through its wholly owned subsidiaries, OriginClear
provides systems and services to treat water in a wide range of
industries, such as municipal, pharmaceutical, semiconductors,
industrial, and oil & gas.

OriginClear reported a net loss of $27.47 million for the year
ended Dec. 31, 2019, compared to a net loss of $11.35 million for
the year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$1.64 million in total assets, $28.24 million in total liabilities,
and a total shareholders' deficit of $26.60 million.

M&K CPAS, PLLC, in Houston, TX, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 29,
2020, citing that the Company suffered a net loss from operations
and has a net capital deficiency, which raises substantial doubt
about its ability to continue as a going concern.


PG&E CORPORATION: Gibson, Dunn 2nd Update on Trade Committee
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Gibson, Dunn & Crutcher LLP submitted a second
amended verified statement to disclose an updated list of Ad Hoc
Trade Committee that it is representing in the Chapter 11 cases of
PG&E Corporation and Pacific Gas and Electric Company.

On or around October 4, 2019, the Ad Hoc Trade Committee engaged
Gibson, Dunn & Crutcher LLP to represent it in connection with the
Debtors' restructuring. On October 16, 2019, the Ad Hoc Trade
Committee filed the Verified Statement of Ad Hoc Committee of
Holders of Trade Claims Pursuant to Bankruptcy Rule 2019 [Docket
No. 4214].

On December 10, 2019, the Ad Hoc Trade Committee filed the First
Amended Verified Statement of Ad Hoc Committee of Holders of Trade
Claims Pursuant to Bankruptcy Rule 2019 [Docket No. 5060]. This
2019 Statement amends and replaces the First Amended 2019
Statement. Counsel files this 2019 Statement solely on behalf of
Whitebox Advisors LLC and Citigroup, who are members of the Ad Hoc
Trade Committee whose interests Counsel continues to represent.

As of Sept. 21, 2020, members of the Ad Hoc Trade Committee and
their disclosable economic interests are:

Whitebox Advisors LLC
3033 Excelsior Blvd.
Minneapolis, MN 55416

* Trade Claims: $82,027,067.68
* Mechanics' Lien Claims: $22,902,059.28

Citigroup Financial Products, Inc.
Citigroup Global Markets Inc.
390 Greenwich St., 6th Floor
New York, New York 10013

* Trade Claims: $166,195,098.00
* Mechanics' Lien Claims: $19,678,308.00

Nothing in this 2019 Statement, including Exhibit A hereto, should
be construed as a limitation upon, or waiver of, any holder's right
to assert, file and/or amend its claims in accordance with
applicable law and any orders entered in these cases.

The undersigned verify that the foregoing is true and correct to
the best of their knowledge.

Counsel reserves the right to amend or supplement this 2019
Statement.

Counsel for the Ad Hoc Committee of Holders of Trade Claims can be
reached at:

          GIBSON, DUNN & CRUTCHER LLP
          David M. Feldman, Esq.
          Matthew K. Kelsey, Esq.
          200 Park Avenue
          New York, NY 10166-0193
          Telephone: 212.351.4000
          Facsimile: 212.351.4035
          Email: dfeldman@gibsondunn.com
                 mkelsey@gibsondunn.com

          GIBSON, DUNN & CRUTCHER LLP
          Michael S. Neumeister, Esq.
          Michelle Choi, Esq.
          333 South Grand Avenue
          Los Angeles, CA 90071-3197
          Telephone: 213.229.7000
          Facsimile: 213.229.7520
          Email: mneumeister@gibsondunn.com
                 mchoi@gibsondunn.com

             - and -

          GIBSON, DUNN & CRUTCHER LLP
          Matthew D. Mcgill, Esq.
          1050 Connecticut Avenue, N.W.
          Washington, DC 20036-5306
          Telephone: 202.955.8500
          Facsimile: 202.467.0539
          Email: mmcgill@gibsondunn.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3ct9r5K

                    About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.

PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered
by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018.  The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.

In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related activities. Morrison &
Foerster LLP, as special regulatory counsel. Munger Tolles & Olson
LLP, as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


PHOENIX GUARANTOR: Moody's Rates New Senior Secured Loans 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned a B1 (LGD3) rating to Phoenix
Guarantor Inc.'s new $475 million first lien senior secured term
loan and $75 million delayed draw term loan. All other ratings,
including the B2 Corporate Family Rating, B2-PD Probability of
Default Rating, B1 senior secured rating, and Caa1 second lien term
loan rating are unchanged. The rating outlook is unchanged at
stable.

Proceeds from the new first lien term loan and delayed draw term
loan will be used to add cash to the balance sheet and fund
acquisitions, including several that have already been identified.
The incremental financing is credit negative as it will increase
leverage by about half a turn to 5.9x and delay de-leveraging. That
said, the financing will improve liquidity and add dry power for
future acquisitions. Acquisitions will add scale, allowing
BrightSpring to leverage its purchasing power and diversify its
pharmacy platform.

Ratings Actions:

$475 million Gtd Senior Secured 1st lien Term Loan due 2026,
Assigned B1 (LGD3)

$75 million Gtd Senior Secured 1st lien Delayed Draw Term Loan due
2026, Assigned B1 (LGD3)

RATINGS RATIONALE

The B2 CFR reflects BrightSpring's high financial leverage, and
heavy reliance on government payors. Moody's estimates
BrightSpring's pro forma adjusted debt/EBITDA to be approximately
5.9 times. The rating also reflects Moody's view that the company
will continue to be acquisitive and will use its free cash flow for
acquisitions.

The B2 is supported by the company's national footprint and strong
market positions that will be difficult to replicate by smaller
players in a very fragmented industry. With nearly $5.5 billion in
pro forma revenue (including revenue from near-term acquisitions),
the company has significant scale and a relatively diverse mix of
businesses. BrightSpring's credit profile also benefits from a
strong and growing underlying demand for the company's services,
including home-based services for seniors and people with
intellectual and developmental disabilities.

Moody's expects BrightSpring to maintain good liquidity over the
next 12-18 months. This is based on Moody's expectation of around
$100 million in annual free cash flow going forward. As of June 30,
2020, BrightSpring had about $20 million of cash and $32 million
drawn under its $320 million revolver, which will be repaid upon
close of the transaction. There is a springing covenant on the
revolving credit facility; if tested, Moody's expects BrightSpring
to maintain adequate headroom. Finally, the company's assets are
pledged as collateral for the secured credit facilities, thereby
limiting the sale of assets as an alternative source of liquidity.

BrightSpring faces high social risk in that a portion of its
revenue is generated from providing residential services to
individuals with intellectual and developmental disabilities as
well as those with catastrophic injuries. Failure to provide
quality care to these populations can subject BrightSpring to
significant regulatory scrutiny and financial penalties. Further,
there is heightened risk given that the company employs many
minimum wage workers to care for this fragile population.

Favorable demographic trends will support demand for BrightSpring's
services. This includes a growing population of people with
behavioral health needs, seniors and patients that require
specialty drugs -- BrightSpring's core target patient populations.
There is a clear trend toward moving these patients from high-cost
institutional settings to lower cost community and home-based
settings. For example, the cost of treating these patients in a
hospital could be up to 50 times as expensive as treatment at the
patient's own home.

From a governance perspective, BrightSpring's private equity
ownership raises the risk of aggressive, shareholder friendly
policies. That said, BrightSpring has a unique ownership structure.
Moody's believes that the minority ownership by Walgreens Boots
Alliance, Inc. will be a driver of future growth through strategic
partnerships, and a regulating factor to BrightSpring's private
equity sponsor.

The stable outlook reflects Moody's expectation that, although
operating earnings will grow at a moderate pace, BrightSpring's
leverage will remain high as it will pursue an aggressive growth
strategy.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded if the company's liquidity and/or
operating performance deteriorates. The ratings could also be
downgraded if the company pursues an aggressive debt-funded
acquisition strategy or if free cash flow becomes negative on a
sustained basis. Specifically, if the company operates with
adjusted debt/EBITDA sustained above 6.0 times, Moody's could
downgrade the ratings.

Ratings could be upgraded if BrightSpring maintains stable organic
growth and steady margin expansion such that adjusted debt/EBITDA
is sustained below 5.0 times.

Phoenix Guarantor Inc. (BrightSpring) is the parent company of
BrightSpring Health Services, which merged with PharMerica
Corporation in 2019 to create one of the leading providers of home
and community-based health services. BrightSpring serves complex
client and patient segments with significant life-long and chronic
health needs, primarily serving people with
intellectual/development disabilities(I/DD). Revenues were
approximately $5.3 billion LTM June 30, 2020. BrightSpring is
majority owned by Kohlberg Kravis and Roberts & Co. LP (KKR), with
minority ownership by Walgreens Boots Alliance, Inc. (Baa2
negative) and management.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


PLAQUEMINES BAYOU: Gets Interim OK to Hire Legal Counsel
--------------------------------------------------------
Plaquemines Bayou Parke, LLC received interim approval from the
U.S. Bankruptcy Court for the Middle District of Louisiana to hire
Heller, Draper, Patrick, Horn & Manthey, LLC as its legal counsel.

The firm's services are as follows:

     i. advise Debtor with respect to its rights, powers and
duties;

    ii. pursue confirmation of a plan of reorganization and
approval of a disclosure statement;

   iii. prepare legal documents;

    iv. prepare responses to court documents;

     v. appear in court to protect the interests of Debtor;

    vi. represent Debtor in connection with the use of cash
collateral and obtaining post-petition financing;

   vii. advise Debtor concerning the negotiation and documentation
of financial transactions;

  viii. investigate the nature and validity of liens asserted
against Debtor's property;

    ix. advise Debtor concerning the recovery of its property for
the benefit of its estate;

     x. assist Debtor in connection with any potential property
dispositions;

    xi. advise Debtor concerning the assumption, assignment,
rejection,  restructuring or recharacterization of executory
contracts and unexpired leases;

   xii. assist Debtor in resolving claims asserted against the
estate;

  xiii. commence and conduct litigation necessary and appropriate
to assert rights held by Debtor; and

   xiv. perform all other legal services in connection with
Debtor's Chapter 11 case.

The hourly rates for the firm's attorneys and paralegals who are
expected to handle the case are as follows:

     William H. Patrick, III            $495
     Tristan Manthey                    $455
     Other Members                      $375-$455
     Associates                         $277-$255
     Paralegals                          $80-$120

Heller Draper received $26,700 as a retainer from Kimble
Development Louisiana, LLC, an affiliate of Debtor.

Tristan Manthey, Esq. disclosed in court filings that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Tristan Manthey, Esq.
     Heller, Draper, Patrick, Horn & Manthey, LLC
     650 Poydras Street, Suite 2500
     New Orleans, LA 70130
     Telephone: (504) 299-3300
     Email: tmanthey@hellerdraper.com

                 About Plaquemines Bayou Parke LLC

Plaquemines Bayou Parke, LLC, a Baton Rouge, La.-based single asset
real estate company, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. La. Case No. 20-10623) on Sept. 2,
2020.  

At the time of the filing, Debtor had estimated assets of between
$1,000,001 and $10 million and liabilities of the same range.

Heller, Draper, Patrick, Horn & Manthey, LLC is Debtor's legal
counsel.


PREMIUM HEALTH: Seeks Court Approval to Hire Bankruptcy Attorney
----------------------------------------------------------------
Premium Health At Home Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Wyoming to employ Clark Stith, Esq., an
attorney practicing in Rock Springs, Wyo., to handle its Chapter 11
case.

Mr. Stith will render these legal services:

     (a) Preparation of pleadings and applications;

     (b) Advice regarding its rights, duties and obligations as a
debtor-in-possession;

     (c) Performance of legal services incidental to operation of
the Debtor's business;

     (d) Negotiation, preparation and confirmation of a plan of
reorganization;

     (e) Take other necessary and proper action in the preservation
and administration of the bankruptcy estate.

Prior to the filing of the petition, Mr. Stith received no
compensation other than the filing fee for this case in the amount
of $1,717.

Mr. Stith's hourly rate is $300 per hour.

Clark Stith disclosed in court filings that he has no relevant
connection with the Debtor, any creditor, or any other
party-in-interest. His representation of the Debtor should not have
any adverse effect on any creditor of the Debtor or any of its
affiliates.

Mr. Stith can be reached at:
   
     Clark Stith, Esq.
     505 Broadway
     Rock Springs, WY 82901
     Telephone: (307)382-5565
     Facsimile: (307) 382-5552
     E-mail: clarkstith@wyolawyers.com
       
                            About Premium Health At Home

Premium Health At Home Inc. filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No.
20-20378) on July 31, 2020, listing under $1 million in both assets
and liabilities. Judge Cathleen D. Parker oversees the case. Clark
Stith, Esq., serves as the Debtor's counsel.


PREMIUM HEALTH: Seeks Court Approval to Hire Bankruptcy Attorney
----------------------------------------------------------------
Premium Health At Home Rawlins LLC seeks approval from the U.S.
Bankruptcy Court for the District of Wyoming to employ Clark Stith,
Esq., an attorney practicing in Rock Springs, Wyo., to handle its
Chapter 11 case.

Mr. Stith will render these legal services:

     (a) Preparation of pleadings and applications;

     (b) Advice regarding its rights, duties and obligations as a
debtor-in-possession;

     (c) Performance of legal services incidental to operation of
the Debtor's business;

     (d) Negotiation, preparation and confirmation of a plan of
reorganization;

     (e) Take other necessary and proper action in the preservation
and administration of the bankruptcy estate.

Prior to the filing of the petition, Mr. Stith received no
compensation other than the filing fee for this case in the amount
of $1,717.

Mr. Stith's hourly rate is $300 per hour.

Clark Stith disclosed in court filings that he has no relevant
connection with the Debtor, any creditor, or any other
party-in-interest. His representation of the Debtor should not have
any adverse effect on any creditor of the Debtor or any of its
affiliates.

Mr. Stith can be reached at:
   
     Clark Stith, Esq.
     505 Broadway
     Rock Springs, WY 82901
     Telephone: (307)382-5565
     Facsimile: (307) 382-5552
     E-mail: clarkstith@wyolawyers.com
       
                        About Premium Health At Home Rawlins

Premium Health At Home Rawlins LLC filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case
No. 20-20374) on July 20, 2020, listing under $1 million in both
assets and liabilities. Judge Cathleen D. Parker oversees the case.
Clark Stith, Esq., serves as the Debtor's counsel.


PREMIUM MENTAL: Seeks Court Approval to Hire Bankruptcy Attorney
----------------------------------------------------------------
Premium Mental Health Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Wyoming to employ Clark Stith, an
attorney practicing in Rock Springs, Wyo., to handle its Chapter 11
case.

Mr. Stith will render these legal services:

     (a) Preparation of pleadings and applications;

     (b) Advice regarding its rights, duties and obligations as a
debtor-in-possession;

     (c) Performance of legal services incidental to operation of
the Debtor's business;

     (d) Negotiation, preparation and confirmation of a plan of
reorganization;

     (e) Take other necessary and proper action in the preservation
and administration of the bankruptcy estate.

Prior to the filing of the petition, Mr. Stith received no
compensation other than the filing fee in the amount of $1,717.
The attorney charges an hourly fee of $300.

Mr. Stith disclosed in court filings that he has no connection with
Debtor, any creditor or any other party-in-interest.

Mr. Stith can be reached at:
   
     Clark Stith, Esq.
     505 Broadway
     Rock Springs, WY 82901
     Telephone: (307)382-5565
     Facsimile: (307) 382-5552
     Email: clarkstith@wyolawyers.com
       
                            About Premium Mental Health

Premium Mental Health Inc. filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No.
20-20391) on August 5, 2020, listing under $1 million in both
assets and liabilities. Judge Cathleen D. Parker oversees the case.
Clark Stith, Esq., serves as the Debtor's counsel.


PROFESSIONAL FINANCIAL: Committee Taps Pachulski Stang as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Professional
Financial Investors, Inc. and Professional Investors Security Fund,
Inc. seeks approval from the U.S. Bankruptcy Court for the Northern
District of California to employ Pachulski Stang Ziehl & Jones, LLP
as its legal counsel.

The firm will render the following services to the committee:

     a. represent the committee in its consultations with Debtors
and interaction with other creditor constituencies;

     b. assist the committee in analyzing Debtors' assets and
liabilities, investigate the extent and validity of liens and
review any proposed asset sales, asset dispositions, financing
arrangements and cash collateral stipulations or proceedings;

     c. assist the committee in determining Debtors' rights and
obligations under unexpired leases and executory contracts;

     d. assist the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of Debtors;

     e. advise the committee in its participation in the
negotiation and drafting of a plan of reorganization;

     f. advice the committee on issues concerning the appointment
of a trustee or examiner;

     g. represent the committee in the performance of all of its
duties and powers;

     h. assist the committee in the evaluation of claims and any
litigation matters.

The hourly rates for the firm's attorneys who are expected to
represent the committee are as follows:

     Debra I. Grassgreen              $985.50
     John Fiero                       $855
     Cia H. Mackle                    $675

The hourly rate for the firm's paralegal assigned to the case is
$425.

Debra Grassgreen, Esq., a partner at Pachulski Stang, disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Debra I. Grassgreen, Esq.
     John D. Fiero, Esq.
     Cia H. Mackle, Esq.
     Pachulski Stang Ziehl & Jones, LLP
     150 California Street, 15th Floor
     San Francisco, CA 94111
     Telephone: (415) 263-7000
     Facsimile: (415) 263-7010
     Email: dgrassgreen@pszjlaw.com
            jfiero@pszjlaw.com
            cmackle@pszjlaw.com

              About Professional Financial Investors

Professional Financial Investors, Inc., and Professional Investors
Security Fund, Inc. are both engaged in activities related to real
estate.

On July 16, 2020, a group of creditors filed an involuntary Chapter
11 petition (Bankr. N.D. Cal. Case No. 20-30579) against
Professional Investors. On July 26, 2020, Professional Financial
sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 20-30604).
The cases are jointly administered under Case No. 20-30604.

At the time of the filing, Professional Financial disclosed assets
of between $100 million and $500 million and liabilities of the
same range.

Judge Dennis Montali oversees the cases.  

Ori Katz, Esq., at Sheppard, Mullin, Richter & Hampton, LLP, is
Debtors' legal counsel.  Debtors have also tapped Trodella &
Lapping LLP as their conflicts counsel and Ragghianti Freitas LLP,
Weinstein & Numbers LLP, Wilson Elser Moskowitz Edelman & Dicker
LLP, and Nardell Chitsaz & Associates as their special counsel.
Michael Hogan of Armanino LLP was appointed as Debtors' chief
restructuring officer.

On Aug. 19, 2020, the Office of the U.S. Trustee appointed a
committee of unsecured creditors.  The committee is represented by
Pachulski Stang Ziehl & Jones, LLP.


PROFESSIONAL FINANCIAL: Seeks Approval to Hire Independent Director
-------------------------------------------------------------------
Professional Financial Investors, Inc. and Professional Investors
Security Fund, Inc. seek approval from the U.S. Bankruptcy Court
for the Northern District of California to hire Michael Goldberg of
Akerman LLP as their sole and independent director.

Mr. Goldberg will provide an independent view and vote to decisions
of the board of directors for each Debtor during the term for which
he serves as director.

The director will be paid $25,000 per month, plus $4,500 per month
for the services of his staff.

Mr. Goldberg may resign at any time with or without cause, however,
he can be removed from his position only upon order of the
bankruptcy court.

Mr. Goldberg holds office at:

     Michael I. Goldberg
     Akerman LLP
     350 East Las Olas Boulevard, Suite 1600
     Fort Lauderdale, FL 33301

              About Professional Financial Investors

Professional Financial Investors, Inc., and Professional Investors
Security Fund, Inc. are both engaged in activities related to real
estate.

On July 16, 2020, a group of creditors filed an involuntary Chapter
11 petition (Bankr. N.D. Cal. Case No. 20-30579) against
Professional Investors. On July 26, 2020, Professional Financial
sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 20-30604).
The cases are jointly administered under Case No. 20-30604.

At the time of the filing, Professional Financial disclosed assets
of between $100 million and $500 million and liabilities of the
same range.

Judge Dennis Montali oversees the cases.  

Ori Katz, Esq., at Sheppard, Mullin, Richter & Hampton, LLP, is
Debtors' legal counsel.  Debtors have also tapped Trodella &
Lapping LLP as their conflicts counsel and Ragghianti Freitas LLP,
Weinstein & Numbers LLP, Wilson Elser Moskowitz Edelman & Dicker
LLP, and Nardell Chitsaz & Associates as their special counsel.
Michael Hogan of Armanino LLP was appointed as Debtors' chief
restructuring officer.

On Aug. 19, 2020, the Office of the U.S. Trustee appointed a
committee of unsecured creditors.  The committee is represented by
Pachulski Stang Ziehl & Jones, LLP.


PROJECT RUBY: Moody's Affirms B3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service affirmed Project Ruby Ultimate Parent
Corp.'s B3 Corporate Family Rating ("CFR") and B3-PD Probability of
Default Rating ("PDR"). Concurrently, Moody's affirmed the B2
rating on the company's existing first lien senior secured bank
credit facilities and assigned a B2 rating to the new incremental
first lien term loan and amended and extended revolving credit
facility. The outlook is stable.

Net proceeds from the new $77 million incremental first lien term
loan and $83 million second lien term loan (unrated) will be used
to finance the recapitalization transaction by WellSky's existing
private equity sponsor (TPG Capital) and a new equity investor
(Leonard Green & Partners). The financing transaction values the
company at around $3 billion.

Assignments:

Issuer: Project Ruby Ultimate Parent Corp.

Senior Secured Bank Credit Facilities, Assigned B2 (LGD3)

Affirmations:

Issuer: Project Ruby Ultimate Parent Corp.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Bank Credit Facilities, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Project Ruby Ultimate Parent Corp.

Outlook, Remains Stable

RATINGS RATIONALE

WellSky's B3 CFR reflects the company's very high leverage, modest
scale and acquisition appetite. Pro forma for the incremental debt,
Moody's adjusted leverage is estimated at 8.2x debt/EBITDA for
fiscal 2020E (ending June 30, 2020). Moody's expects that the
company's strong bookings growth in 2020 will drive at least
mid-single digit revenue growth over the next 12 months and support
a decrease in leverage toward 7.5x. However, the risk of a
prolonged recession could put pressure on WellSky's growth and
delay expected deleveraging. In addition, corporate governance
considerations are material to the rating as Moody's expects
WellSky to maintain aggressive financial policies under private
equity ownership and sustain high leverage.

WellSky benefits from its highly recurring revenue base, strong
historic organic growth and attractive long-term characteristics of
the post-acute sector within the healthcare industry. WellSky's
products are "sticky" as the software can be difficult to remove
and replace once fully integrated into a care provider's
operations. As a result, WellSky has software maintenance and
subscription retention rates in excess of 90%, leading to good
revenue visibility and stable cash flow generation.

Liquidity is expected to be good supported by a cash balance of $30
million as of June 30, 2020E, an undrawn $72.5 million revolver
(amended and extended in September 2020), and Moody's expectation
of annualized free cash flow in excess of $35 million over the next
12 to 18 months. This provides ample coverage for a $7.2 million
mandatory term loan amortization. The revolving credit facility
contains a maximum first lien net leverage ratio of 6.95x springing
at 35% utilization. Moody's does not project the covenant to be
triggered but expects WellSky to maintain a sufficient cushion at
all times.

The stable outlook reflects its expectation that even amid the
economic recession, WellSky's organic revenue will increase in the
mid-single digit percentage and annualized free cash flow to debt
will improve to 4% over the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given WellSky's acquisitive nature, an upgrade is unlikely in the
near term. Over the medium term, ratings could be upgraded if
debt/EBITDA is sustained below 6.5x and free cash flow-to-debt is
maintained above 6%.

The ratings could be downgraded if leverage is sustained over 8x on
other than a temporary basis, liquidity deteriorates, or
performance worsens materially such that free cash flow is expected
to be negative.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Given WellSky's exposure
to the US economy, the company remains vulnerable to shifts in
market demand and sentiment in these unprecedented operating
conditions.

WellSky is a provider of healthcare enterprise software and related
services. The company is headquartered in Overland Park, Kansas and
generated pro forma revenue of approximately $386 million in fiscal
2020E (ending June 30, 2020). Following the recapitalization
transaction WellSky will be controlled by private equity firms TPG
Capital and Leonard Green & Partners.

The principal methodology used in these ratings was Software
Industry published in August 2018.


RAINBOW LAND: Seeks Approval to Hire Real Estate Appraiser
----------------------------------------------------------
Rainbow Land & Cattle Company, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to employ B. Kent
Vollmer as its real estate appraiser and valuation expert.

The Debtor desires to employ Mr. Vollmer to complete an appraisal
of the Debtor's approximately 491.36 acres of undeveloped real
property located in Caliente, Nevada and to testify as an expert
witness at the confirmation hearing on the Debtor's Plan of
Reorganization.

Mr. Vollmer's compensation will be paid from the Debtor's estate as
an administrative expense.

B. Kent Vollmer, an independent licensed real estate appraiser,
disclosed in court filings that he is a "disinterested person" as
that term is defined in section 101(14) of the Bankruptcy Code.

The professional can be reached at:
   
     B. Kent Vollmer
     6441 Crystal Dew Dr.
     Las Vegas, NV 89118
     Telephone: (702) 876-7799
     Facsimile: (702) 876-1787
     E-mail: Kent@VollmerOnline.Net

                          About Rainbow Land & Cattle Company

Rainbow Land & Cattle Company, LLC, a privately held company
engaged in activities related to real estate, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-50627) on May 30, 2019. The petition was signed by John H.
Huston, its managing member. The Debtor previously sought
bankruptcy protection (Bankr. D. Nev. Case No. 12-14009) on April
4, 2012.

At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

The case has been assigned to Judge Bruce T. Beesley. The Debtor
tapped Holly E. Estes, Esq., at Estes Law, P.C., as legal counsel,
Timothy W. Nelson as an interest rate expert, Arthur J. Hill as a
feasibility expert, and B. Kent Vollmer as real estate appraiser
and valuation expert.


RAMARAMA INC: Seeks Approval to Tap Sasser Law Firm as Counsel
--------------------------------------------------------------
Ramarama, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Sasser Law Firm as
its legal counsel.

The firm will render these professional services to the Debtor:

     (a) Provide legal advice with respect to powers and duties as
Debtor-in-Possession and the continued operation of its business
and management of the property owned;

     (b) Necessary preparation and filing of monthly reports, plan
of reorganization and disclosure statement;

     (c) Preparation on behalf of the Debtor-in-Possession of
necessary Applications, Answers, Orders, Reports, and other legal
papers;

     (d) Perform all other legal services for Debtor as
Debtor-in-Possession which may be necessary herein until and
through the case's confirmation, dismissal, or conversion;

     (e) Undertake necessary action, if any, to avoid liens against
the Debtor's property obtained by creditors and to recover
preferential payments within 90 days of the filing of said Petition
under Chapter 11;

     (f) Perform a search of the public records to locate liens and
assess validity.

     (g) Represent at hearings, confirmation, and any 2004
examination.

The firm will be paid at a rate of $350 per hour for attorney
time.

Travis Sasser, Esq. of Sasser Law Firm, disclosed in court filings
that the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Travis Sasser, Esq.
     SASSER LAW FIRM
     2000 Regency Parkway, Suite 230
     Cary, NC 27518
     Telephone: (919) 319-7400
     Facsimile: (919) 657-7400
     E-mail: tsasser@carybankruptcy.com
     
                                About Ramarama Inc.

Ramarama, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.C. Case No. 20-03125) on September 14, 2020. The
petition was signed by Mark Bullock, its president. At the time of
the filing, the Debtor disclosed $1 million to $10 million in both
assets and liabilities. Judge David M. Warren oversees the case.
Travis Sasser, Esq., at Sasser Law Firm serves as the Debtor's
counsel.


RED VENTURES: Moody's Rates New $400MM Incremental Term Loan 'B1'
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Red Ventures,
LLC's proposed $400 million incremental senior secured first-lien
term loan. Red Ventures' B1 Corporate Family Rating (CFR) and
stable outlook remain unchanged.

Net proceeds from the incremental term loan will be used to help
finance the company's acquisition of CNET Media Group from
ViacomCBS for a gross purchase price of $500 million. Subject to
regulatory approvals and customary closing conditions, the
transaction is expected to close in Q4 2020.

Following is a summary of the rating actions:

Assignment:

Issuer: Red Ventures, LLC (Co-Borrowers: New Imagitas, Inc. and
Ruby Sub, LLC)

$400 Million Incremental Senior Secured First-Lien Term Loan B due
2024, Assigned B1 (LGD3)

The assigned rating is subject to review of final documentation and
no material change in the size, terms and conditions of the
transaction as advised to Moody's. The new incremental term loan
will be pari passu with the existing senior secured first-lien term
loan B2 ($2.27 billion currently outstanding), have the identical
issuer, co-borrowers, maturity and collateral package and benefit
from the same guarantors on a senior secured basis.

RATINGS RATIONALE

Though Red Ventures' pro forma gross debt will increase, the
transaction is credit neutral due to the inclusion of CNET's
estimated LTM EBITDA and full twelve months impact of EBITDA from
RV's 2019 and 2020 acquisitions. Inclusive of the acquired EBITDA
and planned CNET synergies, Moody's estimates pro forma financial
leverage will rise to roughly 6.2x total debt to EBITDA from 5.6x
at 30 June 2020. This assumes the incremental debt will be capped
at the net purchase price of $475 million. The company's leverage
will remain above the 5x downgrade threshold this year due to the
economic impact of COVID-19 on its business, mainly in the
financial services segment. With the economy expected to return to
growth in 2021, Moody's projects leverage will decline to just
under 5x by the end of next year. Moody's 2021 projection assumes
RV repays the entire borrowings outstanding on the revolver with
free cash flow and applies other sources of cash towards debt
reduction.

CNET is a leading consumer-tech site that owns a portfolio of B2C
and B2B brands across technology, video games and entertainment and
provides content to a global audience of over 200 million monthly
unique visitors. Since the 2017 Bankrate acquisition, Red Ventures
has actively pursued additional assets with premium content to
diversify into verticals that have long-term growth potential such
as online healthcare, education and home services. With CNET, RV
enters the consumer-tech and gaming verticals. The company has
successfully integrated its past acquisitions and improved their
monetization characteristics by overlaying its performance-based
advertising model and proprietary data-driven analytics, which
Moody's expects to continue with CNET.

Red Ventures' B1 CFR is supported by the company's best-in-class
online customer acquisition platform designed around a
performance-based revenue model, loyal client relationships and a
proprietary analytics platform that has consistently delivered
comparatively higher customer traffic and sales conversions than
its clients' in-house marketing programs and strong free cash flow
generation. The company maintains high adjusted EBITDA margins and
a fast growth profile longer-term, albeit under near-term pressure.
Moody's believes Red Ventures will continue to benefit from the
secular shift of brand marketing spend and consumer purchase
activity from traditional channels to online platforms, and is
poised to exploit these pronounced trends as consumers continue to
scale back in-store shopping, increase visits to online retail
sites and rely on e-commerce during the COVID-19 outbreak. The
"asset-lite" operating model facilitates good conversion of EBITDA
to positive free cash flow, supporting good liquidity and Moody's
expectation for deleveraging. At 30 June 2020, LTM free cash flow
was $255 million or roughly 10% of debt (Moody's adjusted).

Factors that weigh on the rating include RV's high pro forma
financial leverage, which highlights the debt-funded acquisitive
growth strategy that could lead to volatile credit metrics. The
rating also considers the susceptibility of the financial services
segment to the economic recession and high levels of unemployment
that affect consumers' purchasing behavior and ability to access
credit. There is also exposure to cyclical advertising revenue,
absence of meaningful international diversification and high
customer and end market concentrations. The rating is also
influenced by governance risks related to private equity ownership,
albeit diluted given the sponsors' minority voting control.

The stable outlook reflects Moody's view that Red Ventures' digital
marketing platform and online customer acquisition model will
remain fairly resilient during the economic recession and generate
robust free cash flow. Though Moody's projects US advertising spend
to contract in the mid-to-high single digit percentage range in
2020, digital ad spend is expected to grow, albeit at a low-single
digit percentage pace with social media and mobile expanding at
high single-digits. Moody's expects that Red Ventures will continue
to experience favorable digital ad market trends and achieve share
gains as customers adopt its data-driven approach to marketing,
especially in end markets less affected by the virus such as
health, education, entertainment and home services (collectively
accounting for the majority of revenue). This will help to offset
EBITDA shortfalls in the credit cards sub-segment of its financial
services business.

Over the next 12-18 months, Moody's expects good liquidity
supported by positive free cash flow generation (i.e., CFO less
capex less dividends) in the range of $200-$275 million, solid cash
levels (cash balances totaled $79 million at 30 June 2020) and
access to its $754 million revolving credit facility ($150 million
outstanding as of 31 July 2020).

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. As a result of Red
Ventures' exposure to the US economy, the company remains
vulnerable to shifts in market demand and business and consumer
sentiment in these unprecedented operating conditions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

A ratings upgrade is unlikely over the near-term, however over time
an upgrade could occur if the company demonstrates revenue growth
and EBITDA margin expansion leading to consistent and increasing
positive free cash flow generation and sustained reduction in total
debt to GAAP EBITDA leverage below 4x (Moody's adjusted) and free
cash flow to debt (Moody's adjusted) of at least 6%. Red Ventures
would also need to increase scale, maintain at least a good
liquidity profile and exhibit prudent financial policies.

Ratings could be downgraded if financial leverage is sustained
above 5x total debt to GAAP EBITDA (Moody's adjusted) or EBITDA
growth is insufficient to maintain free cash flow to adjusted debt
of at least 2% beyond 2021. Market share erosion, significant
client losses, sub-par organic revenue growth, weakened liquidity
or if the company engages in leveraging acquisitions or sizable
shareholder distributions could also result in ratings pressure.

Headquartered in Fort Mill, South Carolina, Red Ventures, LLC is a
wholly-owned operating subsidiary of Ruby Sub, LLC, which owns a
portfolio of digital businesses that bring consumers and brands
together through integrated e-commerce, strategic partnerships, and
more than100 proprietary brands across the financial, home, health,
education and entertainment services industries. Revenue totaled
$1.32 billion for the twelve months ended 30 June 2020.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.


REVINT INTERMEDIATE: S&P Assigns B- ICR on Triage Consulting Deal
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Plano,
Texas-based Revint Intermediate II LLC following an agreement to
acquire San Francisco-based Triage Consulting Group Inc. to form a
single combined revenue integrity solutions provider for U.S.
hospitals and health systems.

Revint is issuing a new $75 million secured revolving credit
facility and a $630 million secured term loan, with proceeds used
to fund the Triage acquisition, retire previous debt, and increase
its cash reserves.  S&P assigned its 'B-' issue-level rating and
'3' recovery rating to the company's new secured debt.

Pro forma for the transaction, S&P expects Revint's 2021 adjusted
leverage to be about 6.5x and forecast modest free cash flow.

Small scale and significant product concentration are key rating
constraints. Revint derives all of its earnings from providing
revenue integrity solutions to hospitals and health systems that
enable them to identify and collect underpayments and other forms
of lost revenue. Its offerings include an Assurance Suite, which
ensures providers are accurately billing for the work they perform;
a Payer Accountability suite, which ensures providers are fully
collecting for their billed procedures; and a Reimbursement Suite,
which ensures providers are maximizing their utilization of special
reimbursement programs. As a niche provider of revenue integrity
solutions, Revint competes with other niche companies, larger
revenue cycle management (RCM) providers, and hospitals that have
chosen to insource their own revenue integrity processes. The
company's focus on one narrow area could lead to issues if its
customers find value in working with its competitors that offer a
broader array of services. The broader direction of health care
spending poses another risk because Revint's compensation is based
on a percentage of the funds it recovers for its clients. Somewhat
offsetting these risks are the company's good customer diversity
and operational performance. Specifically, Revint's top 10
customers account for only about 30% of its pro forma revenue and
its solid performance in realizing savings for its clients has led
to a customer retention rate of more than 95%.

The company serves a sector that will benefit from secular
tailwinds. S&P believes Revint's business model will benefit from
the increasing complexity of the medical claims process due to the
complex reimbursement system and ongoing regulatory changes. This
complexity incentivizes hospitals and other providers to outsource
their revenue integrity operations to a specialist, like Revint,
that is positioned to efficiently maximize their recoveries. Revint
owns and continues to invest in proprietary algorithms that are
more effective at identifying revenue leakage than a hospital's own
systems typically are. Revenue integrity services are more mature
on the payer side, where insurance providers hire companies, such
as Inovalon, to identify wasteful spending. Revint focuses on the
provider side where these types of services are historically less
developed and utilized, which provides it with ample room for
growth. S&P also believes the aging U.S. population will be a
tailwind for Revint because it will lead to increased spending
across the health care industry and support a rising volume of
medical claims.

S&P expects the company to maintain adjusted leverage of between 6x
and 7x on a sustained basis. It expects Revint's financial policies
to be aggressive due to its ownership by financial sponsor New
Mountain Capital. S&P expects the Triage acquisition to increase
the company's 2020 adjusted leverage to about 8.0x, improving to
6.5x in 2021. It treats Revint's capitalized development costs of
about $8 million annually as operating expenses in the rating
agency's calculations. The rating agency expects modest growth in
2020 with the COVID-19 pandemic temporarily suppressing health care
spending due to the deferal of elective procedures in the second
quarter of the year. S&P forecasts a rebound in demand in the
second half of 2020 that continues into 2021 as patient volumes
recover to levels closer to--but still below--pre-COVID levels. S&P
expects Revint to realize modest cost synergies from the merger.
While it may be able to achieve revenue synergies over time, S&P
has not incorporated them into its base-case forecast. S&P's cash
flow projections account for various non-recurring cash outflows
over the forecast period. This includes an earn-out payment of $26
million in 2021 and other commitments. S&P expects Revint's cash
flow to improve as these one-time items roll off and estimate it
will have cash flow available for debt repayment of $20 million or
more by 2022.

"The stable outlook reflects our expectation that Revint will
effectively integrate the two businesses and refrain from
undertaking another significant acquisition over the next 12 months
such that its credit measures remain appropriate for the current
rating," S&P said.

In 2021, S&P expects the company to maintain leverage in the 6x-7x
range and forecast it will generate positive free cash flow. It
also expects the company to benefit from secular trends, including
the aging U.S. population and increasing complexity of the medical
claims processes, which will help it offset the temporary modest
headwinds from the COVID-19 pandemic.

"We could lower our ratings on Revint if it experiences weakening
earnings and persistent free cash flow deficits such that its
leverage remains above 7x in 2021 without any prospects for
improvement. This could occur if a second wave of COVID-19 cases
leads to another period of depressed patient volume. This may also
occur if unforeseen challenges arise in the process of integrating
Triage that lead to elevated costs for an extended period. We could
also lower our rating if the company undertakes other large
debt-funded acquisitions or shareholder rewards," S&P said.

"We could consider upgrading Revint if it establishes a track
record of solid cash generation with a free cash flow-to-debt ratio
exceeding 3% on a sustained basis. This could occur if it reduces
its adjusted leverage below 6x on a sustained basis. To reach these
metrics, we believe the company would need to see patient volume
approaching near pre-COVID levels and deliver the expected
synergies from the Triage combination with minimal unforeseen
integration challenges," the rating agency said.


ROCK CHURCH: Seeks Approval to Hire Bridget Boling as Broker
------------------------------------------------------------
Rock Church of the Wabash Valley, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Indiana to employ
Bridget Boling as its real estate broker.

Bridget Boling will render these professional services to the
Debot:

     (a) List the property for sale on a local MLS service;

     (b) Market the property through advertisements or other means
to raise interest in a sale;

     (c) Assist in the procurement of a ready, willing and able
buyer for Real Property located at 8930 Wabash Avenue in Terre
Haute, Indiana;

     (d) Represent the Debtor in negotiations for the sale of the
above listed Real Property;

     (e) To prepare on behalf of the Debtor as Debtor-in-Possession
all necessary offers, counter-offers, and other documents to assist
in a proposed sale;

     (f) To do any specific acts for which authority is sought.

The Debtor desires to enter into a listing agreement with Bridget
Boling whereby she will be compensated, with court approval, for
her services only if she obtains a ready, willing and able buyer
for the Debtor's Real Property.

Bridget Boling, a licensed real estate agent, disclosed in court
filings that she has no connection with the Debtor, or with any of
the Debtor's creditors, or any other party-in-interest in this
case, or with any of their respective attorneys or accountants, or
the United States trustee.

The firm can be reached through:
   
     Bridget Boling
     TERRE HAUTE AREA HOMES, INC.
     10763 Ole Foxe Road
     Terre Haute, IN 47803
     Telephone: (812) 240-1188
     E-mail: Bridget@terrehauteareahomes.com

                            Rock Church of the Wabash Valley

Rock Church of the Wabash Valley, Inc. provides religious services
to members and the general public from its location at 8930 E.
Wabash Ave., Terre Haute, Ind.  

Rock Church of the Wabash Valley sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 20-80240) on June
16, 2020. At the time of the filing, the Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range. B.
Scott Skillman, Esq., at Skillman Defense Firm, is the Debtor's
legal counsel.


RUBIE'S COSTUME: Pushes for Sale to Lone Bidder
-----------------------------------------------
Daniel Gill of Bloomberg Law reports that Rubie's Costume Co. said
a proposed sale of bankrupt Rubie's Costume Co.'s assets to its
initial bidder would save about 400 jobs, pay off secured creditors
and critical vendors, and still provide a significant return for
unsecured creditors.

The company canceled a planned Sept. 18 auction for lack of
qualified competing bidders.  But the proposed sale at the floor
bid price is still the best course, Rubie's said Monday, Sept. 21,
2020, in a filing with the U.S. Bankruptcy Court for the Eastern
District of New York.

Rubie's risks defaulting on its post-bankruptcy loan if it can't
complete a sale by Sept. 25, 2020.

                    About Rubie's Costume Co.

Rubie's Costume Company Inc. is a distributor, manufacturer and
designer of costume and party-related accessories that serve over
2,000 retail accounts. It also  maintains licensing partnerships
with top studios like Nickelodeon, Warner Bros, Lucasfilm, Marvel,
and Disney for products inspired by WWE, Ghostbusters, Stranger
Things, DC Comics, JoJo Siwa, Harry Potter, and Star Wars.

Rubie's Costume Company and its affiliates sought Chapter 11
protection (Bankr. E.D.N.Y. Lead Case No. 20-71970) on April 30,
2020. Rubie's Costume was estimated to have $100 million to $500
million in assets and $50 million to $100 million in liabilities as
of the filing.

Judge Alan S. Trust oversees the cases.   

Debtors have tapped Meyer, Suozzi, English & Klein, P.C. and Togut,
Segal & Segal LLP as bankruptcy counsel; BDO USA, LLP as
restructuring advisor; and SSG Capital Advisors LLC as investment
banker. Kurtzman Carson Consultants is the claims agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 18, 2020. The committee is represented by Arent
Fox, LLP.


SIMPLE SITEWORK: Hearing Today on Final Bid to Use Cash Collateral
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, will hold a hearing today, September 25 at 9:00
a.m. to consider final approval of Simple Sitework Inc.'s request
to use cash collateral.

The Bankruptcy Court has entered an interim order approving the
agreement reached by Third Coast Bank SSB and Simple Sitework
regarding the interim use of cash collateral and granting adequate
protection to Third Coast Bank.

Judge Jeffrey Norman noted in the interim order that need exists
for the Debtor to use Cash Collateral to continue to operate its
business in compliance with this Order and with the Budget and to
conduct its business affairs so as to avoid immediate and
irreparable harm to the estate.

The Debtor had filed an emergency motion since the Debtor cannot
spend any money until the motion is heard and granted.

The cash collateral at issue is the Debtor's business income and
receivables.  In the emergency motion, the Debtor sought
authorization to use cash collateral for 14 days in the amount of
$59,000.00.  The Debtor consents to giving Third Coast Bank and the
U.S. Small Business Administration replacement liens.

A full-text copy of the motion is available at
https://bit.ly/2Hmckdf from PacerMonitor.com.

A full-text copy of the order, including the Debtor's cash
collateral budget, is available at https://bit.ly/3hULd5L from
PacerMonitor.com.  The Debtor projects $130,561.68 in total
expenses during a 30-day period.

                 About Simple Sitework Inc.

Simple Sitework, Inc. Inc. is a locally owned and operated company
providing residential and commercial sitework throughout Southeast
Texas. It sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 20-34508) on September 11, 2020. In
the  petition signed by Tim Van Arsdale, president, the debtor
disclosed $2,972,286 in assets and $3,788,016 in liabilities.

The case is assigned to Judge Jeffrey P. Norman.

The Debtor is represented by The Law Office of Margaret M.
McClure.

Third Coast Bank is represented in the case by:

     Michael J. Durrschmidt, Esq.
     Brian A. Buescher, Esq.
     Hirsch & Westheimer, P.C.
     1415 Louisiana, Floor 36
     Houston, TX 77002
     E-mail: mdurrschmidt@hirschwest.com
             bbuescher@hirschwest.com


SIMPLE SITEWORK: Seeks Approval to Hire Bankruptcy Attorney
-----------------------------------------------------------
Simple Sitework, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Margaret McClure,
Esq., an attorney practicing in Houston, Texas, to handle its
Chapter 11 case.

Ms. McClure will render these services:

     (a) give the Debtor legal advice with respect to the Debtor's
powers and duties as debtor-in-possession in the continued
operation of the Debtor's business and management of the Debtor's
property; and

     (b) perform all legal services for the debtor-in-possession
which may be necessary herein.

Ms. McClure charges an hourly fee of $400.00 per hour for attorney
time and $150.00 per hour for paralegal time, plus reimbursement
for actual, necessary expenses incurred in connection with the
Debtor's chapter 11 case.

She received a retainer of $25,000.00 from the Debtor on August 11,
2020. $8,535.10 of the retainer amount of $25,000.00 has been
earned by the Debtor's attorney pre-petition, leaving a remaining
retainer balance of $16,464.90. The retainer balance consists of
$1,717.00 for the filing fee and $14,747.90 to be applied to
services rendered or expenses incurred in connection with
representing the debtor in the bankruptcy proceeding, subject to
court approval.

Margaret M. McClure, Esq., disclosed in court filings that she is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code.

Ms. McClure can be reached at:
   
     Margaret M. McClure, Esq.
     LAW OFFICE OF MARGARET M. MCCLURE
     909 Fannin, Suite 3810
     Houston, TX 77010
     Telephone: (713) 659-1333
     Facsimile: (713) 658-0334
     E-mail: margaret@mmmcclurelaw.com
   
                               About Simple Sitework

Simple Sitework, Inc. is a locally owned and operated company
providing residential and commercial sitework throughout Southeast
Texas.

Simple Sitework filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-34508) on
September 11, 2020. Judge Jeffrey P. Norman oversees the case.
Margaret M. McClure, Esq., is the Debtor's bankruptcy counsel.


SIRINE LLC: Seeks Court Approval to Hire Accountant
---------------------------------------------------
Sirine LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Alabama to employ James Keck, an accountant
practicing in Mobile, Ala.

The firm will render these professional services:

     (a) Prepare all various Federal and State Income Tax returns.

     (b) Keep and prepare financial records of the business.

     (c) Prepare profit and loss worksheets.

     (d) Balance the books.

     (e) Other.

Mr. Keck will be paid at his hourly rate of $150.

James A. Keck disclosed in court filings that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Keck can be reached at:
   
     James A. Keck, P.C.
     5920 Grelot Road, Suite D-1
     Mobile, AL 36609
     Telephone: (251) 380-0709
     Facsimile: (251) 380-2047
     E-mail: jkeck@jkeckpc.com

                                 About Sirine LLC

Sirine LLC, a Mobile, Ala.-based gas station, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No.
20-11952) on Aug. 6, 2020. At the time of the filing, Debtor had
estimated assets of up to $50,000 and liabilities of between
$50,001 and $100,000. Judge Henry A. Callaway oversees the case.
The Debtor tapped Barry A. Friedman & Associates, PC as legal
counsel and James A. Keck as accountant.


SPEEDCAST INT'L: Court Grants Shorter Plan Exclusivity Extension
----------------------------------------------------------------
Bankruptcy Judge Marvin Isgur in Houston granted a shorter
extension of the periods within which Speedcast International
Limited and its debtor-affiliates have the exclusive right to file
and solicit acceptances of a Chapter 11 plan.

Pursuant to section 1121(d) of the Bankruptcy Code, the Debtors'
Exclusive Filing Period is extended to and including October 20,
2020; and their Exclusive Solicitation Period is extended to and
including November 30, 2020.

The Debtors asked the Court to extend their exclusive right to file
a Chapter 11 plan, through and including November 19, 2020, and the
exclusive right to solicit acceptances to the plan through and
including January 18, 2021.

The Debtors said the additional time will afford them a fair
opportunity to further develop a restructuring framework that will
maximize the value of the Debtors' estates for the benefit of all
stakeholders.

Also, the Debtors have made substantial progress to date: securing
a contract with Intelsat US LLC, the Debtors' largest bandwidth
supplier; setting a bar date and starting the claims reconciliation
process; and evaluating and negotiating executory contracts and
unexpired leases. The deadline for creditors to file claims against
the Debtors was set for August 6, 2020, and the Debtors and their
advisors have begun the process of analyzing and reconciling the
over 1,200 filed claims. Analysis of the claims pool is a critical
component of negotiating and developing a proposed plan. In
addition to the claims process, the Debtors continue to work with
critical contract counterparties to determine which contracts to
assume, with cure amounts, or reject as part of their
restructuring.

The Debtors' initial exclusive filing period and exclusive
solicitation period are currently set to expire on August 21, 2020,
and October 20, 2020, respectively, absent an extension.  The
Debtors said termination of the exclusive periods could lead to
confusion among the Debtors' employees, vendors, and customers at a
critical stage in the negotiations for a value-maximizing
transaction.

                About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services. SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band, and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, the
Debtors each had estimated assets of between $500 million and $1
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; Herbert Smith Freehills as co-counsel with Weil; Moelis
Australia Ltd. as financial advisor; FTI Consulting Inc. as
restructuring advisor; and Kurtzman Carson Consultants LLC as
claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

On August 13, 2020, the Debtor received a $395 million equity
commitment from Centerbridge Partners, L.P. and its affiliates, one
of its largest lenders.


STAMATINA HOLDINGS: Seeks to Hire Pronske & Kathman as Counsel
--------------------------------------------------------------
Stamatina Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Pronske &
Kathman, P.C. as counsel.

The firm will render these professional services to the Debtor:

     (a) provide legal advice with respect to the Debtor's powers
and duties as debtor-in-possession in the continued operation of
its business and the management of its property;

     (b) take all necessary action to protect and preserve the
Debtor's estate;

     (c) prepare on behalf of the Debtor necessary motions,
answers, orders, reports, and other legal papers in connection with
the administration of its estate;

     (d) assist the Debtor in preparing for and filing a disclosure
statement in accordance with section 1125 of the Bankruptcy Code;

     (e) assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;

     (f) perform any and all other legal services for the Debtor in
connection with the Debtor's Chapter 11 Case; and

     (g) perform such legal services as the Debtor may request with
respect to any matter.

Prior to the Petition Date, the firm received a $4,000.00 retainer
from the Debtor on July 6, 2020 prior to filing the bankruptcy
petition. The Debtor drew down $4,000.00 on July 6, 2020 for
$4,170.70 in work performed in preparation of this bankruptcy
filing, also including the filing fee for the bankruptcy case,
leaving no retainer balance. The remaining $170.70 balance was
written off.

The firm will charge for time at its normal billing rates for
attorneys and legal assistants and will request reimbursement for
its out-of-pocket expenses.

Gerrit M. Pronske, an attorney at Pronske & Kathman, P.C.,
disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     Gerrit M. Pronske, Esq.
     Megan F. Clontz, Esq.
     PRONSKE & KATHMAN, P.C.
     2701 Dallas Parkway, Suite 590
     Plano, TX 75093
     Telephone: (214) 658-6500
     Facsimile: (214) 658-6509
     E-mail: gpronske@pronskepc.com
             mclontz@pronskepc.com

                                About Stamatina Holdings

Stamatina Holdings, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
20-41538) on July 6, 2020, listing under $1 million in both assets
and liabilities. Judge Brenda T. Rhoades oversees the case. The
Debtor is represented by Pronske & Kathman, P.C.


STAR MOUNTAIN: Gallagher, Haynes Represent Aviano, 3 Others
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Haynes and Boone, LLC and Gallagher & Kennedy
submitted a verified statement to disclose that they are
representing Aviano Financial Group LLC, Michael Christiansen,
Lazarus Asset Management LLC, et al. and Lanesborough LLC in the
Chapter 11 cases of Star Mountain Resources, Inc.

Attorney John D. Fognani is an adult person over 21 years of age.
He resides in Arapahoe County, Colorado.

Attorney John D. Fognani is a member of the Firm and am duly
admitted to practice in the courts of the State of Colorado and the
United States District Court for the District of Colorado. I am
authorized to make this statement on behalf the Firm.

The Firm represents the following entities:

     Aviano Financial Group, Inc.
     c/o Bernard Guarnera
     9213 Las Manaitas Ave., #401
     Las Vegas, NV 89144-66316550

     Michael Christiansen
     12020 Southern Highlands Pkwy., No. 1223
     Las Vegas, NV 89141

     Lazarus Asset Management LLC, et al.
     9540 NW 10th St.
     Plantation, FL 33322

     Lanesborough LLC
     2120 Blake St., #417
     Denver, CO 80205

The Firm is being employed by the Client Group to represent them in
this matter.

The Firm does not now hold and has never held claims against the
Debtor.

Counsel for Creditors, Aviano Financial Group LLC, Michael
Christiansen, Lazarus Asset Management LLC, et al. and Lanesborough
LLC can be reached at:

          John D. Fognani, Esq.
          Haynes and Boone, LLP
          1050 17th Street, Suite 1800
          Denver, CO 80265
          Tel: 303.382.6214
          Fax: 303.382.6210
          Email: john.fognani@haynesboone.com

             - and -

          Dale C. Schian, Esq.
          Joseph E. Cotterman, Esq.
          Gallagher & Kennedy
          2575 East Camelback Road
          Phoenix, AZ 85016
          Tel: 602.530.8000
          Fax: 602.530.8500
          Email: dale.schian@gknet.com
                 joe.cotterman@gknet.com
                 bkdocket@gknet.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3i2142m

                    About Star Mountain Resources

Star Mountain Resources Inc. --
http://www.starmountainresources.com/-- is a small cap mining   
company focused on the acquisition of mineral properties and their
development into producing mines.  It is headquartered in Tempe,
Arizona.

Star Mountain Resources sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-01594) on Feb. 21,
2018.  In the petition signed by Mark Osterberg, president and
chief operating officer, the Debtor was estimated to have assets
and liabilities of $1 million to $10 million.  Judge Daniel P.
Collins presides over the case.  Fennemore Craig, P.C., is the
Debtor's bankruptcy counsel.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on April 18, 2018.  The Committee retained
Dickinson Wright, PLLC, as its legal counsel.

Jared G. Parker was appointed examiner of the Estate of Star
Mountain Resources, Inc.  The Examiner is represented by Parker
Schwartz, PLLC, as its counsel.


STEIN MART: Achieves Profit During 17 Days After Bankruptcy Filing
------------------------------------------------------------------
Jax Daily Record reports that after big losses sent Stein Mart Inc.
into Chapter 11 bankruptcy, the Jacksonville-based fashion retailer
operated with a profit in the first 2 1/2 weeks after the filing.
According to a monthly operating report filed in bankruptcy court
on Sept. 21, Stein Mart recorded net income of $20.6 million
between Aug. 12 and Aug. 29.

The company had revenue of $95.8 million in the 17-day period as it
began going-out-of-business sales at its store network.

For the seven-month period ended Aug. 29, Stein Mart had revenue of
$431 million and a net loss of $105 million.

Stein Mart said after its Chapter 11 filing Aug. 12 it expects to
wind down its business and close all of its stores.  Stein Mart
closed two stores in August 2020, leaving it with 279 locations.

                         About Stein Mart

Stein Mart, Inc. (NASDAQ: SMRT) -- http://www.SteinMart.com/-- is
a national specialty omni off-price retailer offering designer and
name-brand fashion apparel, home decor, accessories and shoes at
everyday discount prices.  Stein Mart provides real value that
customers love every day. The company operates 281 stores across 30
states.

Stein Mart Inc. and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 20-02387 to
20-02389) on Aug. 12, 2020.  As of May 2, 2020, the Debtors had
total assets of $757.6 million and total liabilities of $791.2
million.  

Judge Jerry A. Funk oversees the cases.

The Debtors tapped Foley & Lardner LLP as their legal counsel,
Clear Thinking Group LLC as financial advisor, and Stretto as
claims and noticing agent.


STONEWOOD LUXURY: Case Summary & 9 Unsecured Creditors
------------------------------------------------------
Debtor: Stonewood Luxury Homes LLC
        22 Larchwood
        Irvine, CA 92602

Business Description: Stonewood Luxury Homes LLC is in the
                      business of residential building
                      construction.

Chapter 11 Petition Date: September 23, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-12661

Judge: Hon. Erithe A. Smith

Debtor's Counsel: William J. King, Esq.
                  THE WJK LAW FIRM, P.C.
                  5151 California Ave., Ste. 100
                  Irvine, CA 92617
                  Tel: 844-487-8784
                  E-mail: wking@wjklawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jodi DiTolla, managing member.

A copy of the petition containing, among other items, a list of the
Debtor's nine unsecured creditors is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/GOHFPFY/Stonewood_Luxury_Homes_LLC__cacbke-20-12661__0001.0.pdf?mcid=tGE4TAMA


SVP HOLDINGS: S&P Assigns B- Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to
Birmingham, Ala.-based veterinary service provider SVP Holdings LLC
(d.b.a Southern Veterinary Partners).

At the same, S&P is assigning a 'B-' issue-level rating and '3'
recovery rating to the first-lien credit facilities, and a 'CCC'
issue-level rating and '6' recovery rating to the second-lien
credit facility.

"Our stable outlook reflects our expectation for double-digit
percentage revenue growth, steadily growing free cash flows, and
improving adjusted EBITDA margins to about 14%-16%, driven by
organic and inorganic growth. It also reflects our expectation of a
continued aggressive acquisition strategy that will likely keep
leverage in the high-single-digit area," S&P said.

The company's leverage is high, its cash flow generation is
minimal, and its scale is limited. The attractive but highly
fragmented veterinary services industry is competitive, with much
bigger players such as NVA (unrated), VCA (part of Mars Inc.),
PetVet Care Centers LLC, VetCor Acquisition LLC, and Pathway Vet
Alliance LLC.

"We expect management to continue to aggressively expand via
acquisitions, keeping leverage in the high-single-digit area. While
we expect SVP's margins to gradually improve as it realizes greater
benefits of scale, we expect its margins to remain lower than
peers', reflecting its focus on lower-margin general practice
clinics," S&P said.

However, SVP benefits from several favorable industry trends and
characteristics, such as growing pet ownership levels and typically
high patient loyalty. In addition, veterinary practices do not have
reimbursement risk, unlike other health care practices.

S&P views the veterinary operating industry as attractive due to
secular tailwinds and significant consolidation opportunities to
increase scale and efficiencies. Pet ownership continues to
increase in the U.S., and owners are spending more because of
increased awareness of animal health. While the discretionary
nature of the spending on veterinary services could leave companies
more exposed during economic downturns, the recent history of the
sector has shown it to be relatively stable, including the recent
COVID-19 pandemic.

SVP's business is concentrated in the Southern states with about
170 clinics across 17 states as of September 2020. The company
tries to build density around local markets for efficiency. It also
allows acquired vet clinics to maintain their local branding, which
is often preferred by selling veterinarians. SVP differs from its
closest competitors by operating only general practice (GP)
veterinary clinics, rather than a mix of larger specialty hospitals
that offer more-complex procedures. GP clinics are typically
lower-margin than specialty clinics but, depending on the
specialty, could have more recurring demand and lower labor costs.

SVP is small relative to some of its peers. The company has about
170 animal hospitals and clinics, whereas NVA and VCA own more than
950 practices; VetCor has 387 clinics; Pathway has more than 390;
and PetVet has 260. In the U.S., around 89% of veterinary hospitals
are independently owned, providing significant opportunity for
SVP's acquisition-driven growth strategy. As consolidation
continues, competition for acquisitions and purchase multiples may
rise.

"We believe the company will continue to maintain a focus on GPs as
it expands, versus competitors such as PetVet and NVA that have a
larger proportion of higher-margin specialty facilities. Still, we
expect the company's margins will continue to be lower than its
closest peers' given its focus on general practice and its smaller
scale," S&P said.

An aggressive debt-financed growth strategy.  S&P expects the
company will continue to grow by debt-financed acquisitions
supported by mid-single-digit organic revenue growth, consistent
with peers in the sector. S&P also expects EBITDA margins will
improve as it gains scale and increases business mix in higher
margin services (e.g. dental and labs), resulting in leverage
improvement in the coming years. However, given its financial
sponsor ownership and its debt-financed growth strategy, S&P
expects adjusted leverage will be over 9x for 2021, and that free
cash flow will be around $10 million in 2021.

"The stable outlook reflects our expectation that SVP will continue
to generate acquisition-driven double-digit percentage revenue
growth as well as improving EBITDA margins. At the same time, we
expect the company's aggressive debt-financed growth strategy will
cause it to sustain leverage above 9x through 2021," S&P said.

"We could lower the rating if SVP's free cash flow is not able to
cover fixed charges, including debt amortization. This could happen
as a result of a prolonged recession, underperforming acquisitions,
a failure to integrate acquired clinics, or acquisition-multiple
increases," the rating agency said.


TIVO SOLUTIONS: Egan-Jones Withdraws CCC+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, withdrew it's
'CCC+' the foreign currency and local currency senior unsecured
ratings on debt issued by TiVo Solutions Inc. EJR also downgraded
the C rating on commercial paper issued by the Company.

Headquartered in San Jose, California, TiVo Solutions Inc.
specializes in entertainment technology and audience insights.


TJ HOLDINGS: Seeks Approval to Hire Peter M. Daigle as Counsel
--------------------------------------------------------------
TJ Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Massachusetts to employ The Law Office of Peter M.
Daigle as its legal counsel.

The firm will render these professional services to the Debtor:

     (a) Assist and advise the Debtor relative to the
administration of this proceeding;

     (b) Represent the Debtor before the Bankruptcy Court and
advise the Debtor on all pending litigations, hearings, motions,
and of the decisions of the Bankruptcy Court;

     (c) Review and analyze all applications, orders, and motions
filed with the Bankruptcy Court by third parties in this proceeding
and advise the Debtor thereon;

     (d) Attend all meetings conducted pursuant to section 341(a)
of the Bankruptcy Code and represent the Debtor at all
examinations;

     (e) Communicate with creditors and all other parties in
interest;

     (f) Assist the Debtor in preparing all necessary applications,
motions, orders, supporting positions taken by the Debtor, and
preparing witnesses and reviewing documents in this regard;

     (g) Confer with all other professionals, including any
accountants and consultants retained by the Debtor and by any other
party-in-interest;

     (h) Assist the Debtor in its negotiations with creditors or
third parties concerning the terms of any proposed plan of
reorganization;

     (i) Prepare, draft and prosecute the plan of reorganization
and disclosure statement; and

     (j) Assist the Debtor in performing such other services as may
be in the interest of the Debtor and the Estate and performing all
other legal services required by the Debtor.

The firm will charge $395 per hour for senior attorneys and $295
per hour for associate attorneys, plus reimbursement for expenses
incurred in connection with this representation.

Peter M. Daigle, Esq., at The Law Office of Peter M. Daigle
disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     Peter M. Daigle, Esq.
     THE LAW OFFICE OF PETER M. DAIGLE
     1550 Falmouth Road, Suite 10
     Centerville, MA 02632
     Telephone: (508) 771-7444

                              About TJ Holdings Inc.

TJ Holdings, Inc. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
20-11732) on August 21, 2020, listing under $1 million in both
assets and liabilities. The Law Office of Peter M. Daigle is the
Debtor's counsel.


TOLL BROTHERS: Egan-Jones Hikes Senior Unsecured Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Toll Brothers Inc. to BB from BB-.

Headquartered in Horsham, Pennsylvania, Toll Brothers Inc. builds
luxury homes, serving both move-up and empty nester buyers in
several regions of the United States.



TOPAZ SOLAR: S&P Affirms 'BB' Notes Rating, Alters Outlook to Neg.
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issue rating on Topaz Solar
Farms LLC's notes and revised its outlook on the notes to negative
from stable, mirroring the rating agency's outlook on revenue
counterparty Pacific Gas & Electric Co. (Pac Gas), a utility
provider.

S&P's recovery rating on Topaz's notes is unchanged at '1',
indicating its expectation of very high (90%-100%; rounded
estimate: 95%) recovery in the event of a payment default. The
rating agency bases the recovery rating on the value of the
long-term power purchase agreement.

Topaz receives all of its revenue from Pac Gas under the power
purchase agreement. Therefore, S&P caps its issue ratings on Topaz
to its 'BB-' issuer credit rating (ICR) on Pac Gas, plus one notch
for regulatory support, resulting in a rating cap of 'BB'.

The Topaz project is 550-megawatt solar power project in San Luis
Obispo County, Calif., near Bakersfield, Calif. The project
achieved commercial operation in October 2014 and was completed in
February 2015. Topaz repays debt with cash flow from a 25-year
power purchase and sale agreement with Pac Gas, which needs the
solar electricity to comply with renewable energy regulations in
California. Topaz uses First Solar's cadmium telluride thin-film
panels, which S&P considers a proven technology. The project
company is 100%-owned by Berkshire Hathaway Energy Renewables LLC
(BHER), a subsidiary of Berkshire Hathaway Energy Co.

On Sept. 16, 2020, S&P revised its outlook on Pac Gas to negative
from stable. S&P's 'BB-' ICR on Pac Gas, plus one notch for
regulatory support, caps the rating agency's 'BB' issue rating on
Topaz's debt. S&P applies a one-notch uplift to the ICR to derive a
counterparty dependency assessment (CDA) of 'bb', because the
project delivers an essential service and there is a regulatory
precedent that supports counterparty payments during bankruptcy. As
a result of the cap and its Pac Gas outlook revision to negative,
S&P is revising its outlook on Topaz's debt issues to negative.

S&P will lower its rating on the project's debt if it downgrades
Pac Gas. Operational performance for the project is unchanged, and
the project's credit metrics are in line with S&P's current
rating.

"We could lower our rating on Topaz's debt by one notch if we lower
our ICR on Pac Gas by one notch. We could also lower the rating if
the creditworthiness of parent BHER weakens to below our 'BB'
rating on the project. Additionally, we could lower the rating if
the solar resource is lower than we expect, plant availability is
reduced, or increased panel degradation causes the debt service
coverage ratio to fall to below 1.2x on a sustained basis. Under
our base case, we expect a minimum DSCR of about 1.73x in 2020,"
S&P said.

"We could revise the outlook to stable if we revise the outlook on
Pac Gas to stable," the rating agency said.


TRIDENT BRANDS: Chief Operating Officer Steps Down
--------------------------------------------------
Mark Cluett resigned as the chief operating officer of Trident
Brands Incorporated on Sept. 16, 2020.

                        About Trident Brands

Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a
Sandfield Ventures Corp., is focused on the development of high
growth branded and private label consumer products and  ingredients
within the nutritional supplement, life sciences and food and
beverage categories.  The platforms the Company is focusing on
include: life science technologies and related products that have
applications to a range of consumer products; nutritional
supplements and related consumer goods providing defined benefits
to the consumer; and functional foods and beverages ingredients
with defined health and wellness benefits.

Trident Brands reported a net loss of $12.22 million for the 12
months ended Nov. 30, 2019, compared to a net loss of $8.42 million
for the 12 months ended Nov. 30, 2018.  As of May 31, 2020, the
Company had $2.91 million in total assets, $45.75 million in total
liabilities, and a total tsockholders' deficit of $42.84 million.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 16, 2020, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


TUESDAY MORNING: Re-Opens Sioux Falls Store as It Undergoes Ch. 11
------------------------------------------------------------------
Argus Leader reports that Home decor retailer Tuesday Morning has
re-opened its Sioux Falls, South Dakota location after taking
severe damage from last year's tornado and undergoing Chapter 11
proceedings.  The company's Sioux Falls store is located in the
Plaza 41 shopping center at 2721 W 41st St.

Despite closing hundreds locations across the United States,
Tuesday Morning leadership had enough faith in the Sioux Falls
store to bring it back online and re-open its doors Friday to
shoppers.

Tuesday Morning is a Texas-based chain with 687 locations,
specializing in selling discount name-brand home goods. Local
leadership had hoped to time the Sioux Falls store's re-opening
with Joann Fabrics' opening event last month, Plaza 41 partner and
property manager Linda Dunham told the Sioux Falls Business Journal
earlier this month.

"We're not on their list of closures so that's not an issue here,"
she said at the time.

                  About Tuesday Morning Corp.

Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. For more information, visit
http://www.tuesdaymorning.com/     

On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.

The Hon. Harlin Dewayne Hale is the case judge.
The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.


UNITI GROUP: Settlement of Windstream Litigation Takes Effect
-------------------------------------------------------------
Uniti Group Inc. reports the effectiveness of its settlement with
Windstream Holdings Inc. and certain of its subsidiaries, which
occurred concurrently with Windstream's emergence from bankruptcy.
The effectiveness of the Settlement resolves any and all claims and
causes of action that have been or may be asserted by Uniti and
Windstream, including all litigation brought by Windstream and
certain of its creditors during Windstream's bankruptcy
proceedings.

Kenny Gunderman, president and chief executive officer of Uniti,
commented, "We are pleased that our previously announced settlement
agreement with Windstream is now effective, and that Windstream has
fully emerged from bankruptcy with a significantly deleveraged
capital structure.  This settlement achieves a mutually beneficial
outcome for both Uniti and Windstream, while providing substantial
strategic value for Uniti, including expanding its national fiber
footprint and leasable capacity to third parties by approximately
90%.  The settlement also provides significant credit enhancements
for Uniti through the new bifurcated master leases, and the
financial covenants and guarantees that govern those leases."

                           About Uniti

Headquartered in Little Rock, Arkansas, Uniti --
http://www.uniti.com/-- is an internally managed real estate
investment trust.  It is engaged in the acquisition and
construction of mission critical communications infrastructure, and
is a provider of wireless infrastructure solutions for the
communications industry.  As of June 30, 2020, Uniti owns 6.5
million fiber strand miles and other communications real estate
throughout the United States.

As of June 30, 2020, the Company had $4.82 billion in total assets,
$7.03 billion in total liabilities, and a total shareholders'
deficit of $2.22 billion.

PricewaterhouseCoopers LLP, in Little Rock, Arkansas, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated March 12, 2020, citing that the Company's most
significant customer, Windstream Holdings, Inc., which accounts for
approximately 65.0% of consolidated total revenues for the year
ended Dec. 31, 2019, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code, and uncertainties surrounding
potential impacts to the Company resulting from Windstream
Holdings, Inc.'s bankruptcy filing raise substantial doubt about
the Company's ability to continue as a going concern.

                            *   *    *

As reported by the TCR on July 24, 2020, Moody's Investors Service
placed all ratings for Uniti Group Inc. on review for upgrade,
including the Caa2 corporate family rating.  The review for upgrade
reflects the June 2020 court approved bankruptcy plan of Windstream
Services, LLC, Uniti's largest tenant and main source of revenue.

Fitch Ratings affirmed the Long-Term Issuer Default Ratings and
security ratings of Uniti Group, Inc. and Uniti Fiber Holdings at
'CCC', the TCR reported on March 20, 2020.

Also in March 2020, S&P Global Ratings placed all ratings on U.S.
telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit
rating, on CreditWatch with positive implications.  The CreditWatch
placement follows the company's announcement it reached an
agreement in principle with its largest tenant Windstream Holdings
Inc. to resolve all legal claims it asserted against Uniti in the
context of Windstream's bankruptcy proceedings.


UP ENERGY: S&P Assigns 'B-' ICR After Bankruptcy Exit
-----------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
U.S.-based oil and gas exploration and production (E&P) company UP
Energy LLC (formerly Ultra Petroleum Corp.) following the company's
emergence from bankruptcy in September 2020. The company eliminated
all of its prepetition debt during the Chapter 11 process.

"The rating on UP Energy, LLC reflects our reassessment of the
company's credit risk following its predecessor's emergence from
bankruptcy in September 2020.  The company's pre-petition funded
debt was eliminated through the bankruptcy process; through cash
settlement of the revolving credit facility, conversion to equity
for other secured debt, and a negotiated settlement of its
unsecured debt," S&P said.

"Additionally, the company renegotiated and eliminated certain
contracts, which enhanced its post-emergence economics. Upon
emergence, the company also repaid its exit term loan. It is our
understanding that the majority of the new equity is owned by
several private capital investment firms," the rating agency said.

S&P's vulnerable assessment of the company's business risk reflects
its relatively small production and reserve base relative to those
of its peers and its geographic concentration in the natural
gas-heavy Pinedale field in Wyoming.  As of the end of the second
quarter of 2020, UP Energy had around 1.7 trillion cubic
feet-equivalent (Tcfe) of proved reserves and produced 520 million
cubic feet of natural gas equivalent per day (MMcfe/d) during the
quarter. S&P's business risk assessment also incorporates the
company's offtake market dynamics and comparatively low PDP decline
rates. S&P does not expect UP to resume drilling activity in the
near future and believe it will continue to target free cash flow
generation from the run-off of its existing proved developed
reserves until natural gas prices sustainably improve. With a clean
balance sheet, S&P believes the company now views itself as a
potential consolidator of developed producing gas assets in the
Rockies and could opportunistically look to build positions in
other basins as well.

"Our highly leveraged assessment of the company's financial risk
primarily reflects its majority equity ownership by private capital
investment firms, with five firms owning approximately 80% of the
new equity.  Based on this ownership structure, we believe there is
a heightened potential for pursuing strategies that result in
increased financial leverage relative to our forecast in order to
enhance member returns," S&P said.

S&P also notes that the company has undergone two bankruptcies
since 2016. We expect UP's average funds from operations
(FFO)-to-debt of more than 140% over the next two years along with
significant free operating cash flow (FOCF) that could surpass $200
million in 2021. It also considers the inherent volatility of oil
and gas prices and local basis differentials in its assessment.
Although the company currently has no funded debt, S&P treats the
company's long-term asset retirement obligations as debt according
to the rating agency's criteria framework. S&P's analysis also
incorporates UP Energy's improved economics following the rejection
of its firm transportation contract on the Rockies Express Pipeline
during the bankruptcy process as well as its recent purchase of the
Pinedale Corridor Liquid Gathering System.

S&P's stable outlook on UP Energy reflects the company's lack of
funded debt and the rating agency's expectation that the company
will generate meaningful free cash flow over the next 12-18 months
with limited capital spending as long as organic reinvestment
remains negligible.

"We could lower our rating on UP if its liquidity deteriorates, we
come to view its capital structure as unsustainable, or if we
believe there is a significant likelihood of a conventional
default. This could occur if natural gas prices meaningfully
decline following debt funding of organic or acquisition-driven
growth," S&P said.

"We could raise our rating on UP if it increases its reserves and
production to levels that are more comparable with those of its
higher-rated peers, exhibits prudent financial and operational
management, and maintains adequate liquidity. Such a scenario could
occur if commodity prices increase substantially if the company
resumes drilling activity and avoids material operational issues or
overleveraging acquisitions," the rating agency said.


VALARIS PLC: Porter, Kramer Represent Noteholder Group
------------------------------------------------------
In the Chapter 11 cases of Valaris PLC, et al., the law firms of
Kramer Levin Naftalis & Frankel LLP and Porter Hedges LLP submitted
a verified statement under Rule 2019 of the Federal Rules of
Bankruptcy Procedure, to disclose that they are representing the Ad
Hoc Group of Unsecured Noteholders.

The Ad Hoc Group of Unsecured Noteholders comprised of holders of
(i) notes issued by Valaris, (ii) notes issued by Ensco
International Inc., (iii) notes issued by Rowan Companies, LLC (iv)
notes issued by Pride International, Inc. and (v) convertible notes
issued by Ensco Jersey Finance Limited.  Members of the Ad Hoc
Group of Unsecured Noteholders are also the lenders under the
proposed superpriority debtor-in-possession financing facility and
Backstop Parties under the Backstop Agreement.

Counsel represents only the Ad Hoc Group of Unsecured Noteholders
and does not represent or purport to represent any entities other
than the Ad Hoc Group of Unsecured Noteholders in connection with
the Chapter 11 Cases.

As of Sept. 22, 2020, members of the Ad Hoc Group of Unsecured
Noteholders and their disclosable economic interests are:

Aurelius Capital Management, LP
535 Madison Avenue
New York, NY 10022

* Valaris Bonds: 33,836,000
* Legacy Rowan Bonds: 188,476,000
* DIP Facility Commitment Amounts: 37,184,710.45
* Backstop Commitment Amounts: 24,254,000

Brigade Capital Management, LP
399 Park Avenue,
New York, NY 10022

* Valaris Bonds: 13,200,000
* Legacy Rowan Bonds: 108,151,000
* Pride Bonds: 60,272,000
* DIP Facility Commitment Amounts: 36,039,508.36
* Backstop Commitment Amounts: 25,072,000
* Other Holdings: 288,000 shares of Valaris' common equity

Canyon Capital Advisors LLC
2000 Avenue of the Stars, 11th Floor
Los Angeles, CA 90067

* Valaris Bonds: 82,752,000
* Legacy Rowan Bonds: 310,457,000
* DIP Facility Commitment Amounts: 63,632,908.39
* Backstop Commitment Amounts: 41,829,000

GoldenTree Asset Management LP
300 Park Avenue,
21st Floor, New York, NY 10022

* Valaris Bonds: 305,649,000
* Legacy Rowan Bonds: 317,667,000
* Pride Bonds: 5,415,000
* Jersey Bonds: 26,972,000
* DIP Facility Commitment Amounts: 95,078,399.82
* Backstop Commitment Amounts: 65,483,000

King Street Capital Management, L.P.
299 Park Avenue
40th Floor, New York, NY 10171

* Legacy Rowan Bonds: 310,322,550
* Jersey Bonds: 21,614,200
* DIP Facility Commitment Amounts: 59,390,582.88
* Backstop Commitment Amounts: 38,595,000
* Other Holdings: 1,993,750 shares of Valaris' common equity

Lodbrok Capital LLP
55 St. James's Street
London, SW1A 1LA

* Legacy Rowan Bonds: 13,500,000
* Jersey Bonds: 258,456,000
* DIP Facility Commitment Amounts: 53,122,368.67
* Backstop Commitment Amounts: 42,226,000

Oak Hill Advisors, L.P.
1114 Avenue of the Americas
27th Floor, New York, NY 10036

* Valaris Bonds: 537,797,000
* Legacy Rowan Bonds: 10,000,000
* Pride Bonds: 48,473,000
* Jersey Bonds: 112,644,000
* DIP Facility Commitment Amounts: 31,117,852.68
* Backstop Commitment Amounts: 66,862,000

Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Floor
Los Angeles, CA 90071

* Valaris Bonds: 154,000,000
* Legacy Rowan Bonds: 33,729,000
* DIP Facility Commitment Amounts: 22,252,574.35
* Backstop Commitment Amounts: 16,162,000

Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* Valaris Bonds: 248,332,000
* Legacy Rowan Bonds: 19,507,000
* Pride Bonds: 2,000,000
* Jersey Bonds: 135,337,000
* DIP Facility Commitment Amounts: 58,384,928.98
* Backstop Commitment Amounts: 43,794,000

Taconic Capital Advisors L.P
280 Park Avenue
5th Floor
New York, NY 10017

* Valaris Bonds: 128,286,000
* Legacy Rowan Bonds: 10,000,000
* Backstop Commitment Amounts: 11,865,000

Whitebox Advisors LLC
3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416

* Valaris Bonds: 128,918,000
* Ensco International Bonds: 3,000,000
* Legacy Rowan Bonds: 50,423,000
* Pride Bonds: 115,353,000
* DIP Facility Commitment Amounts: 43,796,165.42
* Backstop Commitment Amounts: 32,138,000

Counsel does not hold, nor has it ever held, any claims against the
Debtors except for services rendered to the Ad Hoc Group of
Unsecured Noteholders. Pursuant to prior agreement, the Debtors
have agreed to pay the fees and expenses of Counsel. Counsel does
not perceive any actual or potential conflict of interest with
respect to the representation of the Ad Hoc Group of Unsecured
Noteholders, as applicable, in these Chapter 11 Cases.

Counsel does not represent the Ad Hoc Group of Unsecured
Noteholders or any of its members in connection with the case
captioned UMB Bank v. Darin Gibbins, 2020- 18184, which was filed
in Harris County, Texas on March 19, 2020. Certain members of the
Ad Hoc Group of Unsecured Noteholders are represented in connection
with such litigation by Quinn Emmanuel Urquhart & Sullivan, LLP.

Counsel for the Ad Hoc Group of Unsecured Noteholders can be
reached at:

          PORTER HEDGES LLP
          John F. Higgins, Esq.
          M. Shane Johnson, Esq.
          Megan Young-John, Esq.
          1000 Main Street, 36th Floor
          Houston, TX 77002-2764
          Tel: (713) 226-6000
          Fax: (713) 226-6248
          Email: jhiggins@porterhedges.com
                 sjohnson@porterhedges.com
                 myoung-john@porterhedges.com

             - and -

          KRAMER LEVIN NAFTALIS & FRANKEL LLP
          Philip Bentley, Esq.
          Thomas Moers Mayer, Esq.
          Stephen D. Zide, Esq.
          Nathaniel Allard, Esq.
          1177 Avenue of the Americas
          New York, NY 10036
          Tel: (212) 715-9100
          Fax: (212) 715-8000
          Email: pbentley@kramerlevin.com
                 tmayer@kramerlevin.com
                 szide@kramerlevin.com
                 nallard@kramerlevin.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/2EtfsmH

                      About Valaris plc

Valaris plc (NYSE: VAL) provides offshore drilling services.  It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London.  Visit http://www.valaris.com/for more
information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as
their bankruptcy counsel, Lazard as investment banker, and Alvarez
& Marsal North America LLC as their restructuring advisor.  Stretto
is the claims agent, maintaining the page
http://cases.stretto.com/Valaris  

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.


VALLEY FARM: Seeks Approval to Hire Restructuring Consultant
------------------------------------------------------------
Valley Farm Supply, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Terence
Long, a certified public accountant practicing in Fresno, Calif.,
as restructuring consultant.

Debtor requires the services of a restructuring consultant to focus
on Chapter 11 plan development, cash collateral budgets, and
consulting regarding business operations in Chapter 11.

Mr. Long will be paid at the rate of $235 per hour.

Mr. Long disclosed in court filings that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The consultant can be reached at:
   
     Terence J. Long
     Terence J. Long, CPA
     7110 N Fresno St. Ste. 460
     Fresno, CA 93720

                              About Valley Farm Supply

Valley Farm Supply, Inc., a wholesaler of farm product raw
materials based in Nipomo, California, filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 20-11072) on September 2, 2020. The petition was
signed by Peter Compton, president. At the time of the filing, the
Debtor disclosed total assets of $3,711,542 and total liabilities
of $8,460,250. Judge Deborah J. Saltzman oversees the case. The
Debtor tapped Beall & Burkhardt, APC as counsel; Terence J. Long as
restructuring consultant; and McDermott & Apkarian, LLP as
accountant.


VALLEY FARM: Seeks Approval to Tap Beall & Burkhardt as Counsel
---------------------------------------------------------------
Valley Farm Supply, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ the law firm
of Beall & Burkhardt, APC as its counsel.

The firm will render these legal services to the Debtor:

     (a) Advise the Debtor generally concerning the rights, duties,
and obligations of a debtor-in-possession under the Bankruptcy
Code, the Federal Rules of Bankruptcy Procedure, and the
requirements of the United States Trustee;

     (b) Meet with the Debtor concerning the initial filing
requirements of a Chapter 11 case;

     (c) Represent the Debtor in all hearings and meetings before
the Bankruptcy Court;

     (d) Prosecute and defense of appropriate adversary proceedings
in the Bankruptcy Court;

     (e) Prosecute of any claim objections;

     (f) Prepare and prosecute of a Disclosure Statement and Plan
of Reorganization; and

     (g) Such other matters as shall normally arise in the conduct
of the Chapter 11 case.

The hourly rate of the firm's attorneys are as follows:

     William C. Beall        $525
     Eric W. Burkhardt       $450
     Carissa Horowitz        $350

The firm has received a pre-petition retainer of $40,000, plus
filing fee of $1,717, and has been placed in the firm's attorney
client trust account.

William C. Beall, an attorney in the law firm of Beall & Burkhardt,
APC, disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     William C. Beall, Esq.
     Eric W. Burkhardt, Esq.
     Carissa Horowitz, Esq.
     BEALL & BURKHARDT, APC
     1114 State Street
     La Arcada Building, Suite 200
     Santa Barbara, CA 93101
     Telephone: (805) 966-6774
     Facsimile: (805) 963-5988

                              About Valley Farm Supply

Valley Farm Supply, Inc., a wholesaler of farm product raw
materials based in Nipomo, California, filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 20-11072) on September 2, 2020. The petition was
signed by Peter Compton, president. At the time of the filing, the
Debtor disclosed total assets of $3,711,542 and total liabilities
of $8,460,250. Judge Deborah J. Saltzman oversees the case. The
Debtor tapped Beall & Burkhardt, APC as counsel; Terence J. Long as
restructuring consultant; and McDermott & Apkarian, LLP as
accountant.


VALLEY FARM: Seeks to Hire McDermott & Apkarian as Accountant
-------------------------------------------------------------
Valley Farm Supply, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ McDermott &
Apkarian, LLP as accountant.

The firm will render these accounting services to the Debtor:

     (a) assist the Debtor's staff with accounting issues;

     (b) prepare monthly financial statements; and

     (c) prepare income tax returns, sales tax payments and
returns, and the like, and will consult with the Debtor regarding
accounting and tax issues in bankruptcy.

No retainer has been paid to the firm in this case.

Thomas V. Apkarian, Jr., a principal of McDermott & Apkarian, LLP,
disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     Thomas V. Apkarian, Jr.
     MCDERMOTT & APKARIAN, LLP
     241 South Broadway, Suite 201
     Orcutt, CA 93455
     Telephone: (805) 925-8729
     Facsimile: (805) 922-4035
     E-mail: admin@ma-cpas.net

                               About Valley Farm Supply

Valley Farm Supply, Inc., a wholesaler of farm product raw
materials based in Nipomo, California, filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 20-11072) on September 2, 2020. The petition was
signed by Peter Compton, president. At the time of the filing, the
Debtor disclosed total assets of $3,711,542 and total liabilities
of $8,460,250. Judge Deborah J. Saltzman oversees the case. The
Debtor tapped Beall & Burkhardt, APC as counsel; Terence J. Long as
restructuring consultant; and McDermott & Apkarian, LLP as
accountant.


WC 1ST: Seeks to Tap Columbia Consulting as Financial Advisor
-------------------------------------------------------------
WC 1st and Trinity GP, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Columbia
Consulting Group, PLLC as financial advisor.

The firm will render these professional services to the Debtor:

     (a) Coordinate and negotiate with its Refinance Lenders,
Current Lenders, Creditors or counsel of Creditors for the Debtor
and for affiliate debtor WC 3rd and Congress, LP (as may be
required under the Debtor's general partner duties to the affiliate
debtor);

     (b) Chief Restructuring Officer services, as may be required,
that may include but are not limited to:

        (i) Preparation of projections and assistance in
structuring a Plan of Reorganization,

        (ii) Preparation of Schedules and MORs, if necessary,

        (iii) Providing Expert Testimony, if necessary

        (iv) Other financial and accounting consulting services,
that may be required.

The firm's hourly rates are as follows:

     Jeffrey A. Worley                  $300
     Partners                    $250 - $300
     Accounting Professionals     $75 - $175

In addition, the firm will charge for all reasonable out-of-pocket
expenses incurred in connection with this engagement.

An affiliate of the Debtor has agreed to advance a $6,250.00
retainer for the firm's services.

Jeffrey A. Worley, a certified public accountant at Columbia
Consulting Group, PLLC, disclosed in court filings that the firm
and its professionals are "disinterested persons" as that term is
defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Jeffrey A. Worley
     COLUMBIA CONSULTING GROUP, PLLC
     6101 Long Prairie Road, Suite 744 MB 17
     Flower Mound, TX 75028
     Telephone: (972) 809-6393

                             About WC 1st and Trinity GP

WC 1st and Trinity GP, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
20-10886) on August 5, 2020, listing under $1 million in both
assets and liabilities. Judge Tony M. Davis oversees the case. The
Debtor tapped Fishman Jackson Ronquillo PLLC as counsel and
Columbia Consulting Group, PLLC as financial advisor.


WC 3RD: Seeks to Tap Columbia Consulting as Financial Advisor
-------------------------------------------------------------
WC 3rd and Congress GP, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Columbia
Consulting Group, PLLC as financial advisor.

The firm will render these professional services to the Debtor:

     (a) Coordinate and negotiate with its Refinance Lenders,
Current Lenders, Creditors or counsel of Creditors for the Debtor
and for affiliate debtor WC 3rd and Congress, LP (as may be
required under the Debtor's general partner duties to the affiliate
debtor);

     (b) Chief Restructuring Officer services, as may be required,
that may include but are not limited to:

        (i) Preparation of projections and assistance in
structuring a Plan of Reorganization,

        (ii) Preparation of Schedules and MORs, if necessary,

        (iii) Providing Expert Testimony, if necessary

        (iv) Other financial and accounting consulting services,
that may be required.

The firm's hourly rates are as follows:

     Jeffrey A. Worley                  $300
     Partners                    $250 - $300
     Accounting Professionals     $75 - $175

In addition, the firm will charge for all reasonable out-of-pocket
expenses incurred in connection with this engagement.

An affiliate of the Debtor has agreed to advance a $6,250.00
retainer for the firm's services.

Jeffrey A. Worley, a certified public accountant at Columbia
Consulting Group, PLLC, disclosed in court filings that the firm
and its professionals are "disinterested persons" as that term is
defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Jeffrey A. Worley
     COLUMBIA CONSULTING GROUP, PLLC
     6101 Long Prairie Road, Suite 744 MB 17
     Flower Mound, TX 75028
     Telephone: (972) 809-6393

                             About WC 3rd and Congress GP

WC 3rd and Congress GP, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
20-10888) on August 5, 2020, listing under $1 million in both
assets and liabilities. Judge Tony M. Davis oversees the case. The
Debtor tapped Fishman Jackson Ronquillo PLLC as counsel and
Columbia Consulting Group, PLLC as financial advisor.


WINDSTREAM HOLDINGS: Uniti Pays $490.1M Settlement After Bankruptcy
-------------------------------------------------------------------
Uniti Group Inc.  (Nasdaq: UNIT) announced Sept. 21, 2020, the
effectiveness of the previously announced settlement with
Windstream Holdings Inc. and certain of its subsidiaries, which
occurred concurrently with Windstream's emergence from bankruptcy
(the "Settlement"). The effectiveness of the Settlement resolves
any and all claims and causes of action that have been or may be
asserted by Uniti and Windstream, including all litigation brought
by Windstream and certain of its creditors during Windstream's
bankruptcy proceedings.

The settlement affirms Uniti Group's exclusive rights to use a 1.8
million fiber strand miles leased by Windstream.  Uniti will make
$490.1 million cash payment to Windstream in equal installments
over 20 consecutive quarters beginning the first month after
Windstream's emergence from bankruptcy.

Kenny Gunderman, President and Chief Executive Officer of Uniti,
commented, "We are pleased that our previously announced settlement
agreement with Windstream is now effective, and that Windstream has
fully emerged from bankruptcy with a significantly deleveraged
capital structure. This settlement achieves a mutually beneficial
outcome for both Uniti and Windstream, while providing substantial
strategic value for Uniti, including expanding its national fiber
footprint and leasable capacity to third parties by approximately
90%. The settlement also provides significant credit enhancements
for Uniti through the new bifurcated master leases, and the
financial covenants and guarantees that govern those leases."

                      Settlement Agreement

According to a regulatory filing by Uniti Group Inc., on Sept. 21,
2020, Windstream emerged from bankruptcy following its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code. In
connection with Windstream’s emergence from Bankruptcy, Uniti
Group Inc. entered into several agreements and consummated the
transactions, each as described below, to implement its settlement
with Windstream pursuant to the settlement agreement dated as of
May 12, 2020 between Uniti and Windstream.  Pursuant to the
Settlement, Uniti and Windstream agreed to mutual releases with
respect to any and all liability related to any claims and causes
of action between them, including those relating to Windstream's
Chapter 11 proceedings and that certain master lease, dated as of
April 24, 2015 (the "Master Lease").  Under the Settlement
Agreement, in addition to completing the transactions and executing
the New Leases, Uniti is required to make a $490.1 million cash
payment to Windstream in equal installments over 20 consecutive
quarters beginning the first month after Windstream’s emergence,
and Uniti may prepay any installments falling due on or after the
first anniversary of the Settlement's effective date (discounted at
a 9% rate).

                           New Leases

On Sept. 18, 2020, Uniti and Windstream bifurcated the Master Lease
and entered into two structurally similar master leases
(collectively, the "New Leases"), which New Leases amended and
restated the Master Lease in its entirety. The New Leases consist
of (a) a master lease (the "ILEC MLA") that governs Uniti owned
assets used for Windstream's incumbent local exchange carrier
("ILEC") operations and (b) a master lease (the "CLEC MLA", with
the ILEC MLA, that governs Uniti owned assets used for Windstream's
competitive local exchange carrier ("CLEC") operations, both of
which New Leases expire on April 30, 2030.  The aggregate initial
annual rents under the New Leases is equal to the annual rent under
the Master Lease previously in effect.  The tenants under the ILEC
MLA are Windstream Holdings, Windstream Services, and certain
subsidiaries and/or newly formed affiliated entities operating the
ILECs and the landlords under the ILEC MLA are the Uniti entities
that own the applicable ILEC assets.  Similarly, the tenants under
the CLEC MLA are Windstream Holdings, Windstream Services, and
certain subsidiaries and/or newly formed affiliated entities
operating CLECs, and the landlords under the CLEC MLA are the Uniti
entities that own the CLEC assets.  The New Leases contain
cross-guarantees and cross-default provisions, which will remain
effective as long as Windstream or an affiliate is the tenant under
both of the New Leases and unless and until the landlords under the
ILEC MLA are different from the landlords under the CLEC MLA.  The
New Leases permit Uniti to transfer its rights and obligations and
otherwise monetize or encumber the New Leases, together or
separately, so long as Uniti does not transfer interests in either
New Lease to a Windstream competitor.  In addition, the New Leases
impose certain financial restrictions on Windstream if Windstream
fails to maintain certain financial covenants.

Pursuant to the New Leases, Windstream (or any successor tenant
under a New Lease) has the right to cause Uniti to fund up to an
aggregate $1.75 billion as reimbursements for certain growth
capital improvements in long-term fiber and related assets made by
Windstream (or the applicable tenant under the New Lease) to
certain ILEC and CLEC properties (the "Growth Capital
Improvements"). Uniti’s funding commitment for Growth Capital
Improvements excludes reimbursements for maintenance or repair
expenditures (except for costs incurred for fiber replacements to
the CLEC MLA leased property, up to $70 million during the term),
and each such funding is subject to underwriting standards and
certain Uniti approval rights specified in the New Leases.
Uniti’s total annual funding commitments for the Growth Capital
Improvements under both New Leases (and under separate equipment
loan facilities) are limited to $125 million in 2020; $225 million
per year in 2021 through 2024; $175 million per year in 2025 and
2026; and $125 million per year in 2027 through 2029. For any
cumulative Growth Capital Improvements that Windstream (or the
successor tenant under a New Lease) incurs in excess of the
foregoing annual amounts in any calendar year during the term,
Windstream (or such tenant, as the case may be) is entitled to
reimbursement from the commitment amounts in a subsequent period,
subject to an annual limit of $250 million in any calendar year.
Starting on the first anniversary of each installment of funding
for a Growth Capital Improvement, the rent payable by Windstream
under the applicable New Lease will increase by an amount equal to
8.0% (the "Rent Rate") of such installment of funding.  The Rent
Rate will thereafter increase to 100.5% of the prior Rent Rate on
each anniversary of each funding.  In the event that the tenant's
interest in either New Lease is transferred by Windstream under the
terms thereof (unless transferred to the same transferee), or if
Uniti transfers its interests as landlord under either New Lease
(unless to the same transferee), the funding rights and obligations
will be allocated between the ILEC MLA and the CLEC MLA by
Windstream, provided that the maximum that may be allocated to the
CLEC MLA following such transfer is $20 million per year.

                   Stock Purchase Agreements

As previously disclosed, on Sept. 9, 2020, Uniti entered into stock
purchase agreements (each, a "Stock Purchase Agreement") with
certain first lien creditors of Windstream to replace and codify
the terms set forth in the previously-filed binding letters of
intent, pursuant to which on September 18, 2020 Uniti sold an
aggregate of 38,633,470 shares of Uniti common stock, par value
$0.0001 per share (the "Settlement Common Stock"), at $6.33 per
share, which represents the closing price of Uniti common stock on
the date when an agreement in principle of the basic outline of the
Settlement was first reached.  Uniti transferred the proceeds from
the sale of the Settlement Common Stock to Windstream as
consideration relating to the Asset Purchase Agreement.  The
issuance and sale of the Settlement Common Stock was made in
reliance upon the exemption from registration requirements pursuant
to Section 4(a)(2) of the Securities Act of 1933, as amended.
Certain recipients of the Settlement Common Stock are subject to a
one-year lock up, and all recipients are subject to a customary
standstill agreement.  No recipient will receive any governance
rights in connection with the issuance.  The binding letters of
intent and the Stock Purchase Agreements also provide for customary
registration rights.

                     Asset Purchase Agreement

On Sept. 18, 2020, and in furtherance of the Settlement Agreement,
Uniti and Windstream closed an asset purchase agreement (the "Asset
Purchase Agreement"), pursuant to which (a) Uniti paid to
Windstream approximately $284.6 million and (b) Windstream (i)
granted to Uniti exclusive rights to use 1.8 million fiber strand
miles leased by Windstream under the CLEC MLA, which fiber strands
are either unutilized or utilized under certain dark fiber
indefeasible rights of use ("IRUs") that were simultaneously
transferred to Uniti, (ii) conveyed to Uniti fiber assets (and
underlying rights) consisting of 0.4 million fiber strand miles
(covering 4,100 route miles) owned by Windstream, and (iii)
transferred and assigned to subsidiaries of Uniti dark fiber IRUs
relating (x) the fiber strand miles granted to Uniti under the CLEC
MLA (and described in clause (i)), which IRUs currently generate
approximately $21 million in annual EBITDA and (y) the fiber assets
(and underlying rights) for the 0.4 million fiber strand miles
conveyed to Uniti (and described in clause (ii)), which IRUs
currently generate $8 million of annual EBITDA. In addition, upon
the transfer of the Windstream owned fiber assets (described in
clause (ii) above), Uniti granted to Windstream a 20-year, IRU for
certain strands included in the transferred fiber assets.

Uniti used the proceeds from the sale of Settlement Common Stock as
a portion of the consideration paid to Windstream in connection
with the closing of the asset purchase agreement.

                    About Windstream Holdings Inc.

Windstream Holdings, Inc., and its subsidiaries provide advanced
network communications and technology solutions for businesses
across the United States.  They also offer broadband, entertainment
and security solutions to consumers and small businesses primarily
in rural areas in 18 states.

Windstream Holding Inc. and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.

The Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as counsel; PJT Partners LP as financial advisor
and investment banker; Alvarez & Marsal North America LLC as
restructuring advisor; and Kurtzman Carson Consultants as notice
and claims agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 12, 2019. The committee tapped
Morrison & Foerster LLP as its legal counsel, AlixPartners, LLP, as
its financial advisor, and Perella Weinberg Partners LP as
investment banker.

                           About Uniti

Headquartered in Little Rock, Arkansas, Uniti --
http://www.uniti.com-- is an internally managed real estate
investment trust.  It is engaged in the acquisition and
construction of mission critical communications infrastructure, and
is a provider of wireless infrastructure solutions for the
communications industry.  As of June 30, 2020, Uniti owns 6.5
million fiber strand miles and other communications real estate
throughout the United States.

As of March 31, 2020, the Company had $5.01 billion in total
assets, $6.61 billion in total liabilities, and a total
shareholders' deficit of $1.59 million.

                           *   *    *

As reported by the TCR on July 24, 2020, Moody's Investors Service
placed all ratings for Uniti Group Inc. on review for upgrade,
including the Caa2 corporate family rating.  The review for upgrade
reflects the June 2020 court approved bankruptcy plan of Windstream
Services, LLC, Uniti's largest tenant and main source of revenue.

Fitch Ratings affirmed the Long-Term Issuer Default Ratings and
security ratings of Uniti Group, Inc. and Uniti Fiber Holdings at
'CCC', the TCR reported on March 20, 2020.

Also in March 2020, S&P Global Ratings placed all ratings on U.S.
telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit
rating, on CreditWatch with positive implications.  The CreditWatch
placement follows the company's announcement it reached an
agreement in principle with its largest tenant Windstream Holdings
Inc. to resolve all legal claims it asserted against Uniti in the
context of Windstream's bankruptcy proceedings.


YUMA ENERGY: Taps Hayward & Associates as Bankruptcy Counsel
------------------------------------------------------------
Yuma Energy, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Hayward
& Associates, PLLC to handle their Chapter 11 cases.

The hourly rates being charged by the firm for its paralegals and
attorneys are as follows:

     Melissa Hayward               $450
     John Lewis, Jr.               $400
     Zachery Annable               $400
     Associates                    $250 - $300
     Paralegal                     $175

The firm will receive a retainer of $20,000 from Debtors.

Melissa Hayward, Esq., a partner at Hayward & Associates, disclosed
in court filings that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Melissa S. Hayward, Esq.
     John P. Lewis, Jr. Esq.
     Zachery Z. Annable, Esq.
     Hayward & Associates, PLLC
     10501 N. Central Expy, Ste. 106
     Dallas, TX 75231
     Telephone: (972) 755-7100
     Facsimile: (972) 755-7110
     Email: MHayward@HaywardFirm.com
           JPLewis@HaywardFirm.com
           ZAnnable@HaywardFirm.com

                       About Yuma Energy

Yuma Energy, Inc. is an independent Houston-based exploration and
production company.  It is focused on the acquisition, development,
and exploration for conventional and unconventional oil and natural
gas resources, primarily in the U.S. Gulf Coast, the Permian Basin
of West Texas and California.  It has employed a 3-D seismic-based
strategy to build a multi-year inventory of development and
exploration prospects. Its current operations are focused on
onshore properties located in southern Louisiana, southeastern
Texas and recently, in the Permian basin of West Texas. In
addition, Yuma Energy has non-operated positions in the East Texas
Eagle Ford and Woodbine, and operated positions in Kern County in
California.  Visit http://www.yumaenergyinc.comfor more
information.

Yuma Energy and three of its affiliates filed for bankruptcy
protection on April 15, 2020 (Bankr. N.D. Tex. Lead Case No.
20-41455).  Anthony C. Schnur, chief restructuring officer, signed
the petitions.

As of Dec. 31, 2019, Yuma posted $32,290,329 in total assets and
$28,270,794 in total liabilities.

Debtors have tapped Hayward & Associates, PLLC and Fisher Broyles
LLP as their legal counsel, Seaport Gordian Energy LLC as their
investment banker, Ankura Consulting Group LLC as their financial
advisor, and Stretto as their administrative advisor.


[*] Fresh-Start Accounting to Improve the Post-Bankruptcy Odds
--------------------------------------------------------------
Ted Knutson wrote an article on CRO Dive titled "Companies see
'fresh-start' accounting as way to improve post-bankruptcy odds."

Companies see 'fresh-start' accounting as way to improve
post-bankruptcy odds
As the pandemic sends companies into bankruptcy, CFOs consider a
reorganizational approach that creates a new entity with a new set
of books.

Coronavirus-induced Chapter 11 bankruptcies are putting the
spotlight on a way to help failed companies get a fresh start. As
the pandemic took hold in the second quarter, Chapter 11 filings
surged by double digits, reports show.

"Fresh-start accounting," as bankruptcy specialists call it, is a
way of increasing chances of success for a company coming out of
Chapter 11 by reorganizing it into a new firm, or a new subsidiary
of an existing firm, with a new set of books.

The approach is becoming increasingly employed as Chapter 11
filings increase, Jason Pizza, Grant Thornton Transaction
Accounting Services National Lead Partner, said.

The reason: It gives companies emerging from bankruptcy a one-time
chance to overhaul their accounting policies completely, or even
adopt new ones.

How to qualify

Pizza outlines a series of steps to qualify for fresh-start
accounting. Number one is to determine if your balance sheet is
insolvent prior to emergence from Chapter 11.

Number two is a court-confirmed change of control, which is met if
existing investors, immediately before confirmation of the plan,
receive less than 50% of the voting shares of the new entity.

Number three is a revaluation of the emerging entity's assets and
liabilities. Upon emergence, the financial statements are broken up
into predecessor and successor entities and presented in two ways:
as they were for the predecessor entity, and as they will be for
the successor.

Fresh-start aim

What a company in Chapter 11 tries to do with fresh-start
accounting is to show investors, lenders and other stakeholders the
company has a good chance of being in business for the long term,
Pizza says.

For CFOs and others in the C-suite going through the process, the
change likely means a need to delegate. Preparing the financial
statements and the new capital structure are time-consuming, so
they can expect to hand off work to others in the organization to
free up time, he says.

Valuation issues

Although fresh-start accounting is designed to give investors more
confidence in the long-term prospects for the emerging company,
investors are likely to evaluate the financial statements coming
out of the process themselves, Pizza said. The pandemic has shown
long-term outlooks can be quickly and unexpectedly squashed.

When the value of assets in a Chapter 11 reorganization are
regularly in flux (like oil and gas), a bankruptcy manual from KPMG
says, judges sometimes permit a range of values instead of set
amounts in a fresh-start proceeding.

"This may help give the stakeholders perspective on the fluidity,"
KPMG said.

While not legally required, KPMG says, a business applying
fresh-start accounting should also make these disclosures:

How the company will conduct its business when it emerges from
Chapter 11.
How its capital will be structured.

How many and what kind of equity securities were distributed to
creditors.
Which businesses were ceased, or subsidiaries were sold.

Faster process

The increase in Chapter 11 filings isn't happening in all of the
bankruptcy courts, Laurel Isicoff, president of the National
Conference of Bankruptcy Judges, said. She notes the surge is most
prevalent in venues that have traditionally been the sites of the
largest Chapter 11s, such as the Delaware District and the
Bankruptcy Court for the Southern District of New York.

Isicoff, chief judge for the U.S. Bankruptcy Court of the Southern
District of Florida, said the need for judges and others involved
in bankruptcy litigation to work remotely during the pandemic can
speed up things.

She points out the lead attorney in one case before her is based in
Texas. With calls, Judge Isicoff says, the lawyer can spend more
time negotiating and doing other work and less time flying.

Another way the COVID-19 Chapter 11 court backlogs could speed
things up is if some parties decide they don't want to prolong the
process and negotiate prepackaged bankruptcies, Robert Reilly,
author of The Handbook of Advanced Business Valuation, said.

The same thing happened in the wake of delays from the 2008
financial crisis, Reilly, who has been doing bankruptcy valuations
for 45 years, said.

Reilly, also a managing director at Chicago-based Willamette
Management Associates, said court delays could be fatal for
entities going through Chapter 11 potentially on the way to
fresh-start accounting as debts and expenses pile up.

"It's like COVID-19. You're better off if you can see the doctor
immediately than if you have to wait a couple of months," he said.

Valuation red flags

Valuation is trickier in entities emerging from Chapter 11 than for
a business being bought in a merger or acquisition, Reilly said.

In M&A, the value of an entity is determined in the negotiations
between a willing buyer and a willing seller, he added.
Reorganization value in a fresh-start accounting procedure is based
on a made-up projection of future results that doesn't necessarily
reflect fair market value.

"It's hard to do due diligence on the projections," Reilly said.

M&A for the acquired company often looks very similar before and
after the deal, as opposed to a fresh-start accounting entity,
which can be significantly different.

CFOs at companies considering buying an entity emerging from
fresh-start accounting must watch out for a red flag, Reilly said.

"If you are investing in one of these reorganized companies and you
start seeing identifiable intangible assets or goodwill on the
balance sheet, then you should be concerned," he said. "Those are
the accounts you should really focus on. There is no market basis
for the intangible assets and there is no market basis for the
goodwill."


[*] Restaurant Chains Which Filed Ch. 11 & Close to Disappearing
----------------------------------------------------------------
Lorena Steele of KYR News reports on classic American restaurant
chains that declared bankruptcy and are on the verge of
disappearing.  While some likely be able to restructure their debt
and live to see another day (albeit with fewer locations), others
may not be as lucky.

* Luby's Cafeteria

Luby's Inc, the parent of the beloved cafeteria-style chain,
announces in early September that it is going ouf of business.  The
restaurant's real estate will be sold off and Luby's Cafeteria, the
brand that gave us the classic LuAnn platter, will be shut down.
As Luby's 77 company-owned restaurants were slated for closure, a
small ray of hope emerged with the rumors that current CEO Chris
Pappas may be acquiring the chain, which would effectively save it
from closure.

* Fuddruckers

Fuddruckers, also owned by Luby's Inc, is facing similar prospects
as its sister brand. With the potential for permanent dissolution
of the chain looming ever closer, it remains to be seen what will
happen with Fuddruckers' 50 company-owned and about 100 franchised
locations. One thing's for sure – customers will miss grabbing
"world's greatest hamburgers" at a reasonable price.

* K&W Cafeteria

The southern chain with locations in North Carolina, South
Carolina, Virginia and West Virginia, has filed for chapter 11
bankruptcy earlier September 2020. The family-owned business, which
has been around for 80 years, is either going to sell off the
remaining 19 restaurants that are still in operation, or opt for a
more traditional restructuring in order to decrease their debt.
While president Dax Allred said the company is hoping  to "weather
the storm and continue serving customers for years to come," it
remains to be seen if they’ll stay in business.

* Sizzler

The steakhouse that put affordable steak dinners on the map has
just declared bankruptcy. While this move will serve to decrease
the company's debt and renegotiate leases for some of the 14
company-owned restaurants, it's a real possibility that Sizzler
will end up shutting some of them down permanently. The company
also franchises about 90 other locations which will not be affected
by the bankruptcy filing. Still, it’s unclear how much longer
this brand, which peaked in the '70s and '80s, can appeal to
today’s younger customer base.

* Dave & Buster's

While Dave & Buster's hasn't officially filed for bankruptcy, some
telling signs of major trouble for the beloved arcade institution
are emerging. For one, the company just announced a huge round of
layoffs which will take place through November 2020. Not to
mention, their formula for success heavily relies on foot traffic
and on-premise games, their biggest source of revenue, so it's no
wonder the pandemic has wreaked havoc on their bottom line. The
company recently said that a bankruptcy filing is a real
possibility for them if they don't reach an urgent deal with their
lenders.


[^] BOOK REVIEW: Mentor X
-------------------------
The Life-Changing Power of Extraordinary Mentors
Author: Stephanie Wickouski
Publisher: Beard Books
Hard cover: 156 pages
ISBN: 978-1-58798-700-7
List Price: $24.75
Order this Book: https://is.gd/EIPwnq

Long-time bankruptcy lawyer Stephanie Wickouski at Bryan Cave
impressively tackles a soft problem of modern professionals in an
era of hard data and scientific intervention in her third published
book entitled Mentor X. In an age where employee productivity is
measured by artificial intelligence and resumes are prescreened by
computers, Stephanie Wickouski adds spirit and humanity to the
professional journey.

The title is disarmingly deceptive and book browsers could be
excused for assuming this work is just another in a long line of
homogeneous efforts on mentorship. Don't be fooled; Mentor X is
practical, articulate and lively. Most refreshingly, the book
acknowledges the most important element of human development: our
intuition.

Mrs. Wickouski starts by describing what a mentor is and
distinguishes that role from a teacher, coach, role model, buddy or
boss. Younger professionals may be skeptical of the need for a
mentor, but Mrs. Wickouski deftly disabuses that notion by relating
how a mentor may do nothing less than change the course of a
protege's life. Newbies to this genre need little convincing
afterwards.

One of the book's worthiest contributions is a definition of mentor
that will surprise most readers. Mentors are not teachers, the
latter of which impart practical knowledge. Instead, according to
Mrs. Wickouski, her mentors "showed me secrets that I could learn
nowhere else. They showed me how doors are opened. They showed me
how to be an agent of change and advance innovative and
controversial ideas." What ambitious professional doesn't want more
of that in their life?

The practicality of the book continues as Mrs. Wickouski outlines
the qualities to look for in a mentor and classifies the various
types of mentors, including bold mentors, charismatic mentors, cold
and distant mentors, dissolute mentors, personally bonded mentors,
younger mentors, and unexpected mentors. Mentor X includes charts
and workbooks which aid the reader in getting the most out of a
mentor relationship. In a later chapter, Mrs. Wickouski provides an
enormously helpful suggestion about adopting a mentor: keep an open
mind. Often, mentors will come in packages that differ from our
expectations. They may be outside of our profession, younger, less
educated, etc... but the world works in mysterious ways and Mrs.
Wickouski encourages readers to think about mentors broadly.

In this modern era of heightened workplace ethics, Mrs. Wickouski
articulates the dark side of mentors.  She warns about "dementors"
and "tormentors" -- false mentors providing dubious and sometimes
self-destructive advice, and those who abuse a mentor relationship
to further self-interested, malign ends, respectively. She
describes other mentor dysfunctions, namely boundary-crossing,
rivalry, corruption, and a few others. When a mentor manifests such
behaviors, Mrs. Wickouski counsels it's time to end the
relationship.

Mrs. Wickouski tells readers how to discern when the mentor
relationship is changing and when it is effectively over. Those
changes can be precipitated by romantic boundaries crossed,
emergence of rivalrous sentiment, or encouragement of unethical
behavior or corruption. Mrs. Wickouski aptly notes that once
insidious energies emerge, the mentorship is effectively over.

At this point, certain readers may say to themselves, "Okay, I've
got it. Now I can move on." Or, "My workplace has a formal
mentorship program. I don't need this book anymore." Or even,
"Can't modern technology handle my mentor needs, a Tinder of
mentorship, so to speak?"

Mrs. Wickouski refutes that notion. She analyzes how many mentoring
programs miss the mark.  In one of the best passages in the book,
Mrs. Wickouski writes, "Assigning or brokering mentors negates the
most critical components of a true mentor–protege relationship:
the individual process of self-awareness which leads a person to
recognize another individual who will give the advice singularly
needed. That very process is undermined by having a mentor assigned
or by going to a mentoring party."  She does not just criticize;
she offers a solution with three valuable tips for choosing the
right mentor and five qualities to ascertain a true mentor in the
unlimited sea of possibilities.

Next, Mrs. Wickouski distinguishes between good advice and bad
advice.  She punctuates that discussion with many relevant and
relatable examples that are easy to read and colorfully enjoyable.
This section includes interviews with proteges who have had
successful mentorships. The punchline: in the best mentorships, the
parties harmoniously share personal beliefs and values. Also
important, the protege draws inspiration and motivation from the
mentor. The book winds down as usefully as it started: Mrs.
Wickouski interviews proteges, asking them what they would have
done differently with their mentors if they could turn back the
clock. A common thread seems to be that the proteges would have
gone deeper with their mentors -- they would have asked more
questions, spent more time, delved into their mentors' thinking in
greater depth.

The book wraps up lightly by sharing useful and practical
suggestions for maintenance of the mentor relationship. She answers
questions such as, "Do I invite my mentor to my wedding?" and "Who
pays for lunch?"

Mentor X is an enjoyable read and a useful book for any
professional in any industry at, frankly, any point in time.
Advanced individuals will learn much from the other side, i.e., how
to be more effective mentors.  Mrs. Wickouski does a wonderful job
of encouraging use of that all knowing aspect of human existence
which never fails us: proper use of our intuition.

About The Author

Stephanie Wickouski is widely regarded as an innovator and
strategic advisor. A nationally recognized lawyer, she has been
named as one of the 12 Outstanding Restructuring Lawyers in the US
by Turnarounds & Workouts and as one of US News' Best Lawyers in
America.  She is the author of two other books: Indenture Trustee
Bankruptcy Powers & Duties, an essential guide to the legal role of
the bond trustee, and Bankruptcy Crimes, an authoritative resource
on bankruptcy fraud.  She also writes the Corporate Restructuring
blog.




                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***